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NZ dollar rises against euro

Tuesday 8th February 2011

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The New Zealand dollar pushed higher against a broadly weaker euro, as soft German industrial data reinforced the view that euro zone interest rates will remain low for some time.

By 8am today the kiwi was buying 0.5685 euro from 0.5656 at 5pm, while edging up to US77.19c against the US dollar from US77c.

BNZ currency strategist Mike Jones said a generally buoyant risk backdrop kept growth-sensitive currencies such as the NZ dollar underpinned, but the broadly stronger greenback ensured NZ dollar gains against the US currency were limited.

US dollar strengthening against most major currencies overnight reflected fundamental support from surging US bond yields, Mr Jones said.

The NZ dollar also edged up against the Australian dollar overnight to A76.02c at 8am from A75.94c at 5pm, and lifted to 63.55 yen from 63.31. The trade weighted index was up to 68.58 at 8am from 68.41 at 5pm.

ANZ said narrow ranges had been the primary theme of trading yesterday and overnight. Attempts to move lower initially for the NZ dollar yesterday were met with familiar demand across the board.

It expected trading today to again be confined within recent ranges.



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