The New Zealand dollar ticked higher over yesterday, based on aussie dollar strength and greenback weakness.
At 5pm the kiwi was trading at US48.54 after trading in a 40-point range between US48.20c/62c. It was firmer than Thursday's US48.15c close and helped along by its Australian counterpart, which closed here at US55.74c (US55.20c).
The New Zealand dollar has been fairly moribund in recent sessions but currency strategists predicted further US dollar weakness would eventually see the kiwi shake its heavy tone.
Dealers said volumes today had been light but the kiwi was bid and expected to trade a little higher offshore, between US48.40-80c, ahead of a smattering of US data tonight.
Here, the greenback was worth 115.88 yen by 5pm, against 116.64 at the New York close. In Asian markets the euro rose to a two-year high of US$1.0215 on weak US data and a fall on Wall St, but closed here at US$1.017, compared with US$1.009 in New York.
"We're seeing exaggerated moves in the euro being followed in the aussie but not to the same extent," said ANZ Investment Bank's senior forex manager Richard Marshall.
On the crosses at 9am the kiwi weakened a tad to A87.09c (A87.24c at yesterday's close). Against other currencies it traded at 56.26 yen (56.02), 30.65 pence (30.69), 0.6991 Swiss francs (0.6997) and 0.4772 euro (0.4772).
The aussie was buying $NZ1.1482 ($NZ1.1463).
On the money market, 90-day bills were at 6.03 per cent (6.04), the trade-weighted index was at 54.49 (54.32) and the monetary conditions index was at minus 332 (minus 345).
On the debt market, the April 2004 bonds were at 5.76 per cent (5.81), the November 2006 bonds were at 6.25 per cent (6.32), and the November 2011 bonds were at 6.50 per cent (6.59).
- NZPA
<i>Currency:</i> Kiwi ticks higher on Aussie coat-tails
AdvertisementAdvertise with NZME.