NZ dollar rises vs greenback, yen

The New Zealand dollar rose against the greenback and yen, as successful government bond sales by some of the weakest members of the euro zone eased fears about Europe's debt problems.

By 8am the kiwi was buying US69.90c and 63.90 yen from US69.30c and 63.41 yen at 5pm yesterday.

In its morning briefing notes, the ANZ bank said that with global equities continuing to clamber higher, the NZ dollar was well position for another test of the topside after a much needed breather yesterday.

Although not well favoured overnight, the NZ dollar should continue to benefit from renewed confidence in the global recovery, ANZ said.

Global risk appetite was flooding back to the markets, and with share prices in the United States rising the NZ dollar should find plenty of buying interest on dips towards US69.40c.

The solid demand at European debt auctions saw the euro hit a two-week high against the greenback above US$1.23.

The kiwi eased to 0.5663 euro at 8am from 0.5678 euro at 5pm yesterday, and was down to A80.73c against the Australian dollar at the local open from A80.92c at the local close. The trade weighted index rose to 67.37 at 8am from 67.19 at 5pm.

- NZPA