KEY POINTS:
The New Zealand dollar posted modest gains today after hitting new 10-month lows during the weekend against the US dollar.
It is continuing to make ground against the Australian dollar.
By 5pm today the kiwi was buying US72.86c, having dropped to a new 10-month low around US72.45c early on Saturday. It finished the local session on Friday at US72.74c.
The US dollar climbed to five-week peaks against the euro and three-week highs against the British pound during the weekend but was slightly lower today.
Labour market data released in New Zealand was strong but not unexpectedly so and it had little impact on the local currency.
Against the Australian dollar the New Zealand dollar lifted from A77.68c at 5pm on Friday to A78.14c at today's local close.
A slowdown in Australian domestic demand has fuelled expectations of rate cuts, undermining the Australian dollar.
Against the yen, the kiwi dropped to a 4-1/2-month low around 77.85, then lifted to be at 78.55 by 5pm. The trade weighted index was 65.56 by the local close from 65.35 at 5pm on Friday.
Reuters currency rates:
NZ dlr/US dlr US72.86c US72.74c
NZ dlr/Aust dlr A78.14c A77.68c
NZ dlr/euro 0.4677 0.4674
NZ dlr/yen 78.55 78.30
NZ dlr/stg 36.92p 36.69p
NZ TWI 65.56 65.35
Australian dollar US93.23c US93.63c
Euro/US dollar 1.5578 1.5562
US dollar/yen 107.78 107.66
- NZPA
