Dollar peaks at near four week high vs Aussie

The New Zealand dollar rose to its highest level against its Australian counterpart in more than three weeks early Saturday, but the kiwi moved lower against the euro and the yen.

Against the greenback, the NZ dollar moved between about US70.90c and US70.15c but by 8am today was around the same level as at 5pm on Friday, buying US70.54c.

The NZ dollar fell to 0.5227 euro at today's local open from 0.5291 at 5pm on Friday, and slipped to 65.02 yen from 65.24.

The euro gained broadly after euro-zone leaders agreed on a financial safety net for Greece, but uncertainties remained over the country's ability to repay debt.

Early on Saturday, the kiwi reached A77.99c against the Australian dollar, according to Reuters data, the highest level since the start of March. By 8am the NZ dollar had eased to A77.83c from A77.57c from Friday's local close.

The kiwi also peaked at 47.80p, its highest level against sterling in three decades, then fell away to be at 47.26p at today's local open, slightly lower than the 47.39p on Friday evening. The trade weighted index slipped to 65.72 at 8am today from 65.98 at 5pm on Friday.

BNZ strategist Mike Jones said gains by the NZ dollar against the euro and pound were tempered on Friday night, providing a drag on the kiwi against the US dollar.

- NZPA