The kiwi traded weakly today as the US dollar strengthened after Hurricane Rita spared Texas oil refineries.
At 5pm today the kiwi was at US68.76c, from US 69.24c at Friday's local close.
The week ahead is full of local data which could put further downward pressure on the kiwi, with merchandise trade figures on Tuesday, gross domestic product (GDP) figures on Thursday and a business confidence survey on Friday.
A Reuters poll of economists shows expected GDP growth of 0.8 percent on the previous quarter and a gain of 2.3 percent on the same period last year.
The US dollar hit a two-month high against the euro today after Rita spared oil refineries, pushing oil prices lower and alleviating worries that lofty energy costs could eat into US consumer spending.
Easing concerns about the US economy have convinced more traders that the Federal Reserve is likely to extend its 15-month streak of US dollar-supportive interest rate rises. Last week the Federal Reserve raised overnight rates to 3.75 percent.
The following are Reuters currency rates:
NZ dlr US68.76c US69.24c
NZ dlr/Aust dlr A90.70c A91.02c
NZ dlr/euro 0.5710 0.5697
NZ dlr/yen 77.22 77.23
NZ dlr/stg 38.72p 38.64p
NZ TWI 69.74 69.88
Australian dollar US75.79c US76.07c
Euro/US dollar US1.2040 US1.2153
US dollar/yen 112.33 111.55
- NZPA
<EM>Currency:</EM> Kiwi weakens as US dollars hits high against euro
AdvertisementAdvertise with NZME.