WELLINGTON - The New Zealand dollar today hovered around three week highs against the US dollar, which was undermined by weaker-than expected jobs data and expectations US interest rates would not rise much further.
At 5pm today the kiwi was fetching US69.20c, from US68.62c at 5pm Friday.
Westpac analysts were picking a trading range of US68.30c-US69.55c over the rest of the week.
The greenback has weakened since data released on Friday showed the US economy added just 108,000 jobs last month, well below consensus forecasts of 200,000. The lower than expected figures bolstered expectations the Federal Reserve was close to finishing its current cycle of monetary tightening.
While the resulting broadbased US dollar weakness helped bolster the New Zealand dollar, the kiwi was also underpinned by yield demand.
BNZ currency strategist Sue Trinh said since Christmas a total of $1.17 billion of eurokiwi and uridashi (New Zealand denominated bonds) issuances had been announced.
The kiwi was not so strong on its other crosses, fairly flat against the aussie compared to the same time Friday, fetching A91.91c at 5pm today from A91.90c at 5pm Friday. Against the yen it hit multi-week lows, fetching 78.87 yen at 5pm today, from 79.70 yen at the same time Friday.
Trading volumes were light today, with Japan markets closed to mark the 'Coming of Age' public holiday.
The following are Reuters currency rates:
5pm today / 5pm Friday
NZ dlr/US dlr US69.20 US68.62
NZ dlr/Aust dlr A91.91 A91.90
NZ dlr/euro 0.5700 0.5677
NZ dlr/yen 78.87 79.70
NZ dlr/stg 39.11 39.13
NZ TWI 70.32 70.18
Australian dollar US75.30 US74.68
Euro/US dollar US1.2141 US1.2089
US dollar/yen 113.94 116.14
- NZPA
<EM>Currency:</EM> Kiwi continues to strengthen on weaker USD
AdvertisementAdvertise with NZME.