US dollar lower vs majors but NZ dollar can't push on

NZPA

Thursday 21st July 2011

The New Zealand dollar was unable to push above yesterday's post-float high against the greenback, despite the US currency weakening against major currencies.

The kiwi was buying US85.62c at 8am today, just short of the high reached early yesterday and after dipping below US85.25c early today.

It also edged down to 0.6019 euro, and was little changed from its 5pm level against the Australian dollar at A79.69c.

ANZ bank said trading of the NZ dollar against the US currency had been quiet as many of those in the market reflected on recent moves.

"Arguments for a move either way from here have left many unsure as to positioning and kept things in neutral," ANZ said.

The euro rose against the US dollar on hopes euro-zone leaders would reach a deal to ease Greece's debt burden.

French ministers said European leaders were less divided than the news media was reporting and were likely to reach an accord at a summit to help Greece avert a potential default that could roil financial markets.

Signs of progress on a US budget deal also prompted a rise in risk tolerance.

The NZ dollar slipped to 67.44 yen at 8am from 67.59 at 5pm, with the trade weighted index unchanged at 73.71.

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