Sharechat Logo

NZ dollar rises overnight

Wednesday 9th February 2011

Text too small?

The New Zealand dollar pushed to its highest level against the greenback in nearly a week, although it fell away quickly after peaking.

By 8am the kiwi was buying US77.53c, up from US77.20c at 5pm, having climbed to about US77.90c around 6.45am.

The US dollar fell across the board as investors ventured away from safe-haven currencies after tensions in Egypt eased.

The euro, on the other hand, recovered broadly, lifted by demand from Asian central banks and buying against the Australian dollar.

BNZ currency strategist Mike Jones said the NZ dollar was propelled higher overnight by the broadly weaker US dollar and solid buying of the NZ currency against the Australian dollar.

A surprise 25-basis point Chinese rate hike - at midnight (NZT) - did little to disrupt upbeat sentiment that had characterised financial markets of late.

An attempt by Prime Minister John Key yesterday to jawbone the NZ dollar, reiterating the headwinds faced by this country's export sector from the strengthening kiwi, had only a fleeting effect on the currency, Jones said.

The NZ dollar reached a three-week high against the European currency, around 0.5710 euro about 10pm yesterday, then fell away to 0.5687 by 8am, still above the 0.5671 at 5pm.

Against the aussie, the NZ dollar rose to A76.37c at 8am from A76.11c at 5pm, and lifted to 63.76 yen from 63.54. The trade weighted index rose to 68.81 from 68.54.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility
Tower Limited (NZX: TWR) Update on Tonga Volcanic Eruption and Tsunami Event
21st January 2022 Morning Report
Trade Window Holdings Limited (NZX: TWL) TradeWindow and Mastercard teams up
Genesis Energy Limited (NZX: GNE) FY22 Q2 Performance Report
Seeka Limited (NZX: SEK) Seeka announces dividend of 13 cents per share
20th January 2022 Morning Report
Z Energy Limited (NZX: ZEL) Q3FY33 Operating Data