The New Zealand dollar got a fresh head of steam today after smashing through a technical barrier of US$47.30.
At 5pm the kiwi stood at US47.06c, up from Wednesday's close of US46.94c. The aussie also found support from better than expected employment figures, closing at US55.25c, compared with US54.72c.
"With the good aussie number we had today, I think we're looking for a move up to US47.80c in London tonight, with fresh buying just adding to the kiwi bid tone," Sean Colbourne, a dealer with ANZ Investment Bank said.
"The kiwi's been bid for days now -- it's been leading the way."
Yesterday the kiwi bettered expectations, trading in a range from US47.10/65c. Overnight dealers picked it to trade between US47.35/85c.
The market was awaiting a sell-off in the kiwi following the $1.5 billion purchase of UnitedNetworks by Auckland lines company Vector, announced on Tuesday. UnitedNetworks is 70 per cent owned by US company Aquila Inc.
On the crosses at 5pm the kiwi improved against major trading partners, trading at A85.88c (A85.79c at yesterday's close), 57.10 yen (56.25), 30.53 pence (30.17), 0.7121 Swiss francs (0.7034), and 0.4860 euro (0.4818).
The aussie was buying $1.1639 ($1.1662).
On the money market, 90-day bills were at 5.87 per cent (5.88), the trade-weighted index was at 54.30 (53.77) and the monetary conditions index had tightened to minus 364 (minus 413).
The April 2004 bonds were at 5.72 per cent (5.66), the November 2006 bonds were at 6.09 per cent (6.01), and the November 2011 bonds were at 6.28 per cent (6.20).
- NZPA
<i>Currency:</i> Kiwi finds wings after rising through key barrier
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