The New Zealand dollar was holding just above the US64c level at 8am today after a sharp rise from below US63.40c late last night.
The rise came as the US dollar tumbled, with its biggest fall against the euro in six weeks, after US consumer confidence hit a three-month low in May. The greenback is widely expected to keep falling in coming months.
ANZ Investment Bank said the greenback's weakness was domination market direction for now.
Plenty of data would be coming out of the US this week and would need to be "extremely spectacular" for the kiwi to avoid a test of US64.20c.
Against the Australian dollar, support for the New Zealand currency had held at A83.30c despite strong April Australian retail sales released yesterday, ANZ said.
It expected a topside of A84.20c to hold for now. Around 8am the kiwi was buying A83.95c from A83.62c at 5pm yesterday, 0.4975 euros from 0.4968, and 71.85 yen from 71.33. The TWI rose to 63.47 from 63.19.
The following are Reuters currency rates:
8am today 5pm Tuesday
NZ dlr US64.03c US63.63c
NZ dlr/Aust dlr A83.95c A83.62c
NZ dlr/euro 0.4975 0.4968
NZ dlr/yen 71.85 71.33
NZ dlr/stg 33.98 34.08
NZ TWI 63.47 63.19
Australian dollar US76.23c US76.08c
Euro/US dollar US1.2865 US1.2808
US dollar/yen 112.22 112.09
- NZPA
<i>Currency:</i> NZ dollar holding just above US64c level
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