NZ dollar edges up against greenback

Photo / Dean Purcell

The New Zealand dollar rose yesterday as the US dollar weakened but traders remain wary of a possible rate cut by the Reserve Bank of New Zealand.

The NZ dollar was at US74.75c at 5pm, up from US74.46c at 8am but still down from US74.86c at 5pm on Wednesday.

The NZ dollar rose as both the Australian dollar and euro rose yesterday but it failed to keep pace with the Australian dollar.

The Australian dollar was boosted by strong business investment data.

The NZ dollar dropped from A74.67c at 5pm on Wednesday to A74.21c by 5pm yester. It fell to four-month lows against the European and Japanese currencies, dropping from €0.5465 at 5pm to a low around €0.5405 early yesterday, and was €0.5428 at 5pm.

The trade weighted index was at 66.22 at 5pm from 66.57 at the same time on Wednesday.

- NZPA