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NZ dollar pushes higher


Wednesday 24th August 2011

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The New Zealand dollar pushed back above US83c as better than expected Chinese and German factory data boosted commodity-linked growth-sensitive currencies.

At 8am the kiwi was buying US83.49c, up from US82.70c at 5pm yesterday.

The greenback fell broadly, with the German and Chinese data easing worries about global growth and on expectations the Federal Reserve may ease policy further to stimulate a flagging US economy.

ANZ bank said the NZ dollar had been helped by strong Asian demand, placing a solid base under any potential corrective mood.

Trade figures for July out today should help further "topside exploration" by the kiwi, with overseas equity market performance also helping the move higher.

The NZ dollar moved up to 0.5782 euro at 8am from 0.5757 at 5pm, lifted against the Australian dollar to A79.37c from A79.06c, and rose to 64.03 yen from 63.52. The trade weighted index was up to 71.48 at 8am from 71.02.

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