NZ dollar maintains strength

Photo / Martin Sykes

The New Zealand dollar maintained its strength opening above US73c this morning, as the Australian keeps up its performance and markets firmed with generally positive global economic data.

The NZ dollar was at US73.26c at 8am today from US72.82 at 5pm yesterday.

The kiwi has been recovering from a weak last week, where it fell sharply following comments on the economy by the Reserve Bank when it raised the official cash rate.

In ANZ's morning brief, it said appetite for the NZ dollar will continue throughout the day as relatively positive economic data from the US and the UK, and generally better than expected earnings announcements, lifted market sentiment.

The NZ dollar has also been riding on the back of a strong Australian dollar, which continued to rise to US91.22 this morning from US90.88 at 5pm yesterday.

ANZ said an announcement is not expected from a Reserve Bank of Australia board meeting today, but it should not stop the aussie from moving higher.

At home, the big event of the week is local unemployment data on Thursday, but today's wages data will also be important.

There is also interest in the latest Fonterra milk powder auction, the results of which are due this morning.

The NZ dollar was at 0.5563 euro at 8am today from 0.5570 5pm yesterday, and at 63.33 yen from 63.99 yen yesterday.

The trade weighted index was 67.73 from 67.57 Friday.

- NZPA