The New Zealand dollar today made gains alongside the aussie and the euro, all three currencies benefiting from a sell off in the greenback.
By 5pm the kiwi was at US58.49c, up from last night's US58.11c close, while the aussie was also up at US65.02c (US64.78c).
"It's had a reasonable good day," said ANZ Investment Bank senior dealer Mark Elliot.
Mr Elliot said the kiwi's gain was the result of a bad day on Wall Street yesterday, where stocks ended sharply lower amid fresh doubt about the prospect of a long-sought economic rebound.
"The Dow came under a bit of heavy pressure last night and that spooked the US dollar longs that were building in anticipation of a recovery in the US economy," he said.
"The recent buyers of US dollars became sellers, so hence the recovery in the euro, the aussie and the kiwi."
In Wellington by 5pm the euro had risen to US$1.1408, from US$1.1359 late yesterday, and the US dollar eased against the yen to buy 119.83 (120.37).
Mr Elliot said the kiwi traded in a range today of US57.93c and US58.50c. He expected to see a US58.20c to US58.75c range tonight.
Against the aussie the kiwi was A89.98c at 5pm (A89.73c last night), and on the other crosses was buying 70.09 yen (69.96), 36.26 pence (36.08), 0.7866 Swiss francs (0.7834), and 0.5129 euros (0.5117.
The monetary conditions index was at plus 279 (257), the trade-weighted index was at 62.71 (62.45) and 90-day bank bill yields were at 5.09 per cent (5.10).
The February 2005 yields were at 5.17 per cent (5.10), the November 2006s were at 5.37 per cent (5.30), and the November 2011s were at 5.82 per cent (5.72).
- NZPA
<i>Currency:</i> Kiwi rises on Wall St stumble
AdvertisementAdvertise with NZME.