The kiwi rose against both the greenback and the aussie today, as the Australian dollar faltered on yet more disappointing data.
At 5pm the kiwi was at US71.81c (from US71.27c at 5pm yesterday), having ranged between US71.36c and US71.90c during the local session.
Meanwhile against the Australian dollar the kiwi was at A92.47c (from A91.85c at 5pm last night), having hit a high of A92.89c during the day.
BNZ currency strategist Sue Trinh said Australian gross domestic product (GDP) figures were a lot weaker than expected, pushing down the aussie dollar and helping to support the kiwi.
Australia's GDP rose a lower-than-expected 0.3 per cent in the three months to September, slowing from upwardly revised 0.8 per cent growth in April-June. It was the weakest growth rate since 2000.
The data comes on the back of other disappointing Australian data this week, with building approvals down 2.4 per cent in October, retail trade at current prices down 0.7 per cent for the month and record quarterly current account deficit of A$13.69 billion ($15.2 billion).
At 5pm today the aussie was at US77.62c, down from US77.64c at the same time yesterday. Meanwhile, the euro was buying US$1.3302 (US$1.3256), and the greenback was fetching 102.82 yen (103.17).
The trade-weighted index was at 69.26 (68.91), and the monetary conditions index was at plus 934 (909).
Ms Trinh said the strong euro was also helping to support the kiwi, as was yet another eurokiwi issuance overnight. Eurokiwi are bonds denominated in New Zealand dollars, but sold to European retail investors. Eurokiwi issuances for the year are at a multi-year high of $9.4 billion.
On its other major crosses, the kiwi was at 0.5399 euro (0.5380), 37.57 British pence (37.73), 73.83 yen (73.52), and 0.8173 Swiss francs (0.8148).
On the money market, 90-day bank bill yields were at 6.68 per cent (6.69 per cent). February 2006 bond yields were at 6.19 per cent (6.20), July 2009s were unchanged at 5.95 per cent and April 2013s were unmoved at 5.94 per cent.
- NZPA
<EM>Currency</EM>: Kiwi up as Aussie continues to falter
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