Kiwi dollar gains as greenback eases

The New Zealand dollar rose overnight as a strong report on German investor sentiment and gains in stock markets worldwide eroded safe-haven demand for the greenback and yen.

The kiwi was buying US67.47c at 8am today from US66.96c at 5pm yesterday.

In its morning briefing notes, ANZ bank said an initial look towards the support for the NZ dollar yesterday found plenty of buying interests.

Those continued to lift the NZ dollar through the local and offshore sessions. The move higher was helped by a stronger euro, ANZ said.

The NZ dollar should continue to look for offshore direction throughout today's trading. Equity markets in the United States had held key levels, ensuring support at US66.50c had not been tested again.

The NZ dollar was up against a range of currencies, lifting to 0.4776 euro at the local open from 0.4747 at 5pm, and up to 63.90 yen from 63.47.

Against the Australian dollar, the kiwi lifted to A81.65c from A81.34c, with the trade weighted index up to 63.04 at 8am from 62.74 at 5pm.

- NZPA