KEY POINTS:
The New Zealand dollar has pulled back from three-week highs against the greenback - near US77.60c reached yesterday morning - but is seen to have weathered some weak data.
By 8am today the kiwi was buying US77.01c, having ranged between about US77.45c and US76.75c since lunchtime yesterday.
The ANZ bank said a brief dip overnight by the NZ dollar had found plenty of European buyers looking to achieve higher yields.
The kiwi had managed to weather lower business confidence and falling dwelling consents data which came out yesterday, ANZ said.
It expected the kiwi to take a breather today, after having risen strongly through much of this week.
Against the Australian dollar, the kiwi was buying A87.45c at 8am, having reached a three-month high around A87.55c early yesterday evening.
ANZ said that after that after rising 6 per cent against the aussie during November, the NZ dollar should finish the month struggling to add to its gains.
The NZ dollar was buying 0.5217 euro at 8am from 0.5189 at 5.30pm yesterday, and 84.45 yen from 84.62. The trade weighted index was 70.97 this morning from 70.79.
The United States dollar gained against most major currencies overnight, boosted by demand from US corporations seeking to square their books by the end of the month.
Expectations of a rate cut failed to stem the rally in the greenback, whose recent losses, some analysts say, have gone too far.
The yen, meanwhile, rallied broadly after steep losses in the previous two sessions, amid lingering nervousness about the state of global credit markets.
- NZPA
