The New Zealand dollar pushed higher through today's session and looks set to test the key US72c mark in the near future, a broker said.
At 5pm, the kiwi was at US71.75c (from US71.25c at the same time yesterday), having ranged between US71.55c and US71.85c today.
The upper end of that trading range is a 16-year high for the kiwi.
Westpac chief currency dealer Basil Payn said the kiwi had dipped during the morning session but rallied towards the domestic market's close.
"We have seen some more buying out of Asia, out of Tokyo, during the course of the day," Mr Payn told NZPA today.
"We've still got a weak US dollar there," he said, noting that was a factor in the kiwi's recent rise.
Support for the kiwi-greenback cross was at about US71.50c.
"It (the cross) will probably have a go at US72.00/10c and then after that resistance is at around the US72.70c level."
Meanwhile, the Australian dollar was buying US79.20c (US78.68c), the euro was at US$1.3270 (US$1.3174), and the greenback was buying 102.59 yen (102.85).
On its other crosses, the kiwi was at A90.60c (A90.60c), 0.5407 euro (0.5407) 37.91 British pence (37.86), 73.62 yen (73.27) and 0.8170 Swiss francs (0.8163).
While the kiwi-aussie cross had firmed in today's session, Mr Payn said it was likely that investors would be looking towards the Reserve Bank's monetary policy statement on December 9.
RB governor Alan Bollard indicated this week he would keep the official cash rate (OCR) at 6.50 per cent until the first few months of 2005.
The trade-weighted index was at 69.02 (68.80 and the monetary conditions index was at plus 921 (903).
On the money market, 90-day bank bill yields were unchanged at 6.71 per cent, February 2006 bond yields were at 6.21 per cent (6.22), July 2009s were at 5.98 per cent (5.99), and April 2013s were also at 5.98 per cent (5.99).
- NZPA
<EM>Currency</EM>: Kiwi nudges 16-year high, closes at US71.75c
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