NZ dollar edges higher against greenback, euro

The New Zealand dollar edged up against the greenback and euro overnight as markets waited for firms in the United States to start reporting second-quarter earnings results.

Around 8am today the kiwi was buying US71.05c, slightly ahead of its US70.88c level at 5pm yesterday.

ANZ bank said currency markets, similar to equity markets, remained almost stationary overnight waiting for the US earnings releases.

The NZ dollar remained on the verge of testing the topside of its value against the greenback once it managed to get through the 200-day moving average of US71.19c. Offshore support was needed given that little impetus existed locally, ANZ said.

Against the euro, the kiwi remained near two-week highs at the local open buying 0.5643 euros, from 0.5623 at 5pm.

The European currency retreated from a two-month peak against the US dollar, with investors saying the currency was overbought ahead of European bank stress test results due next week.

The NZ dollar ground higher against the Australian currency and by 8am was at A81.19c from A81.05c at 5pm, but the kiwi slipped to 62.96 yen from 63.10. The trade weighted index was at 67.57 around 8am from 67.47 at 5pm.

- NZPA