Thursday 25th August 2011
|Text too small?|
The New Zealand dollar was little changed against the greenback after the overnight session as global risk sentiment improved at the same time as the US dollar strengthened.
At 8am the kiwi was buying US82.79c, slightly down from US82.92c at 5pm yesterday.
The United States dollar rose against major currencies as investors trimmed bets against the US currency on concerns the Federal Reserve may not signal new stimulus for the economy this week.
Investors have been betting Fed chairman Ben Bernanke will announce a new stimulus package in a speech late this week at Jackson Hole, but as the speech draws closer market participants are becoming uneasy about what, if anything, will be revealed.
Meanwhile, a surge in US July orders for long-lasting durable goods eased some fear about the US economy.
The yen weakened against the greenback after Japan unveiled new steps to curb its currency's strength and after Moody's downgraded the country's sovereign debt.
The NZ dollar edged higher to 63.75 yen at 8am from 63.57 at 5pm, while edging lower to 0.5742 euro.
BNZ currency strategist Mike Burrowes said the NZ dollar traded in a tight range against the greenback overnight without direction.
The kiwi was torn between rallying on an improvement in global risk sentiment versus falling against a stronger US dollar.
Trading on the NZ dollar against the euro had been directionless, while the Japanese action to weaken the yen helped the kiwi recover against that currency, Mr Burrowes said.
Against the Australian dollar, the kiwi was marginally higher at A79.04c at 8am, while the trade weighted index was 71.06 at 8am from 71.10 at 5pm.
No comments yet
NZ dollar gains on G20 preference for growth
NZ dollar dips as Wellington CBD checked for quake damage
NZ dollar gains, bolstered by RBA minutes, strong dairy prices
NZ dollar falls after central bank says it may scale up currency intervention
NZ dollar gains before CPI, helped by dairy gains, rally on Wall Street
NZ dollar trades little changed as US budget talks bear down on deadline
NZ dollar falls with equities on view US to sail over fiscal cliff
NZ dollar weakens as fiscal cliff looms, long bets unwind
NZ dollar sinks to three-week low as equities fall, fiscal talks in focus
NZ dollar slips as fiscal cliff talks grind slower in Washington