The New Zealand dollar continued to gain against the US dollar today, amid growing caution the US Federal Reserve's 18-month campaign of raising interest rates may be near an end.
At 5pm today the kiwi was fetching US68.60c, from US68.43c at 4pm on December 30.
Minutes from the Fed's policy meeting on December 13, released overnight, showed the US central bank's top officials believed the number of additional rate increases would not be large although its future action would depend on the incoming economic data.
The greenback was also hit overnight by the release of weaker-than-expected US manufacturing survey for December.
The Institute for Supply Management (ISM) said its index of national factory activity fell to 54.2 in December from 58.1 in November, against economists' median forecast of 57.5.
While the kiwi was strong against the US dollar it floundered against the aussie, fetching A92.37c at 5pm today, down from A93.28c last Friday, before the New Year public holidays.
The market is still in holiday mode as investors and traders slowly return from Christmas and New Year leave.
On the local front this week Overseas Merchandise Trade for November is due for release on Thursday.
The following are Reuters currency rates:
5pm today 4pm Friday
NZ dlr/US dlr US68.60 US68.43
NZ dlr/Aust dlr A92.37 A93.28
NZ dlr/euro 0.56.85 0.5767
NZ dlr/yen 79.40 80.62
NZ dlr/stg 39.18 39.69
NZ TWI 70.23 70.81
Australian dollar US74.29 US73.38
Euro/US dollar US1.2067 US1.1865
US dollar/yen 115.71 117.82
- NZPA
<EM>Currency:</EM> Kiwi firms as greenback weakens
AdvertisementAdvertise with NZME.