Sharechat Logo

Kiwi makes up some ground on rampant Aussie

Friday 8th April 2011

Text too small?

The New Zealand dollar made up some of the ground it lost to the Australian currency after yesterday's stellar job's report across the Tasman.

By 8am today the kiwi was buying A74.44c, up from A74.20c at 5pm yesterday, after having fallen from around A74.70c yesterday afternoon just before data was released showing Australian employment jumped by 37,800 in March, far exceeding expectations of a 22,000 rise.

Boosted by the jobs figures, the Australian dollar topped US$1.05 against the greenback for the first time since it began floating freely in 1983.

The kiwi also pushed a little higher to 0.5441 euro at 8am from 0.5425 at 5pm, with the European Central Bank raising interest rates overnight for the first time since the 2008 financial crisis.

The ECB lifted rates by 25 basis points, with ECB chief Jean-Claude Trichet signalling the bank was ready to tighten policy further if needed but added that the ECB had not decided if the move was the first in a series.

That dampened market expectations for aggressive interest rate hikes by the ECB, and the euro fell from a 14-month high against the US dollar, which also slipped against the yen after news of the latest earthquake in Japan.

The NZ dollar was up to US77.84c at 8am from US77.61c at 5pm, while being little changed at 66.09 yen. The trade weighted index lifted to 67.98 at 8am from 67.83 at 5pm.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report