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NZ dollar mixed but firm ahead of Christmas

Friday 24th December 2010

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The New Zealand dollar was mixed but generally firm on the last day ahead of the Christmas holiday break even though weaker than expected growth data yesterday set back the timing of any interest rate rises.

At 5pm the NZ dollar was at US74.77c, little changed from the US74.81c at 8am but up from US74.35c at 5pm yesterday. It touched a one-week high around US75c earlier today.

The Australian dollar was again back above parity against the US dollar at $US1.0028 and the NZ dollar has been struggling to keep up with the strong Australian dollar.

From a new decade low against the Australian dollar around A73.85c after the GDP figures yesterday morning, the NZ dollar has managed to reach A74.53c at 5pm from A74.47c at 8am and A74.18c at 5pm yesterday.

BNZ currency strategist Mike Jones said solid real money and commercial appetite for the NZ dollar against the aussie and euro, had underpinned a strong bounce in the kiwi against the greenback after the initial GDP dip.

Overnight the NZ dollar had continued its ascent against the US currency.

Trading was fairly listless overall, but a generally solid batch of US data and further strength in global commodity prices ensured growth-sensitive currencies such as the NZ and Australian dollars outperformed, Mr Jones said.

The NZ dollar peaked at a fortnight high 0.5724 euro and was 0.5694 euro by 5pm, from 0.5669 at 5pm yesterday. The NZ dollar was up to 612.05 yen at 5pm from 61.77 at 5pm yesterday, while the trade weighted index rose to 67.53 from 67.19 at 5pm yesterday.

 

NZPA



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