NZ dollar tops US70.30c

The New Zealand dollar rose to a month high against the greenback, with the US currency hampered by weak readings of jobless claims and manufacturing activity.

From US69.57c at 5pm yesterday, the kiwi pushed above US70.30c early today, and around 8am remained near that level at US70.25c.

A decline in the Philadelphia Federal Reserve's mid-Atlantic manufacturing index and a rise in first-time jobless claims in the United States weighed on the US dollar.

The NZ dollar was little changed against the euro from yesterday's local close, buying 0.5673 euro at 8am.

The European currency hit a three-week high above US$1.24, although it later retreated, after decent demand for a Spanish bond auction soothed worries about that country's finances.

The euro's move through an important technical level at US$1.2360 triggered automatic buy orders and another bout of short-covering pushed the euro higher.

BNZ strategist Mike Jones said the thrust for the NZ dollar to move higher against the US dollar came from Europe, where sovereign debt auctions and data impressed.

The kiwi was also up to 63.91 yen at 8am from 63.48 at the local close, and was little changed on A80.96c against the Australian dollar at the local open.

- NZPA