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Kiwi remains above US75c

Tuesday 29th March 2011

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The New Zealand dollar clawed its way up from overnight lows to peak at US75.54c today, shortly before dawn, but slipped back in early trading and finished the day at US75.07 at 5pm.

The fall was quite quick, in thin trade, falling through US75.32c at 8am and bouncing along for most of the day around the levels of yesterday's 5pm finish at US75.04c.

BNZ currency strategist Mike Jones said the NZ dollar spent the first part of the night dribbling lower against the greenback, as modest declines in commodity prices sapped demand for growth-sensitive currencies, but its steep climb towards dawn was driven by a rebound in the euro.

The euro stabilised after ECB chief Jean-Claude Trichet signalled inflation in the euro zone was likely to lead to a lift in interest rates early next month. The move would boost the value of the single currency and returns on euro-denominated investments. During the day, the euro strengthened against the kiwi, from 0.5338 at 8am to 0.5331 at 5pm.

In the run-up to today's trading the NZ dollar edged higher from 61.37 yen at 5pm yesterday to 61.50 at 8am, but finished near where it started, at 61.36 yen at 5pm today.

The kiwi gained a little on the Australian dollar and from A73.12c at 5pm yesterday to A73.31 24 hours later, as the aussie lost some steam.

The Australian dollar consolidated at around US1.0240 by 5pm, after hitting a high of US1.0315 offshore on Monday. It was US1.0261 at 5pm yesterday and has gained nearly US6c in just 11 days to a fresh 29-year high on Monday night: dealers said its recent rapid run had left it overbought in the short term.

The trade-weighted index slipped back to 65.86 at 5pm from 65.88 at the same time yesterday.

The euro was worth US1.4084 at 5pm, slightly up on its level at the same time yesterday of 1.4052.

 

NZPA



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