NZ dollar up above US79c

File photo / Dean Purcell

The New Zealand dollar consolidated above US79c yesterday and rose against a euro weakened by worries about European sovereign debt.

The New Zealand dollar was at US79.28c at 5pm yesterday from US79.10c at 8am and US78.62c at 5pm on Friday.

It started rising early on Saturday, peaking around US79.70c after data showed employers in the United States added 244,000 jobs last month, well above what economists had expected.

Rankin Treasury said the NZ dollar will struggle to regain the US80c level unless the euro or Australian dollar take off again.

The Government's Budget is due next week and the level of debt is likely to be a focus for commentators.

The NZ dollar rose strongly against the European currency, peaking at its highest level in nearly three weeks around €0.5526 on Saturday. At 5pm yesterday the New Zealand dollar was at €0.5504 from €0.5403 on Friday.

The euro was weakened by speculation that Greece may be exploring ways to exit the European Union, restructure its debt and revert to the drachma as a currency.

The NZ dollar was at A73.56c at 5pm from A73.80c at 8am and A73.57c at 5pm on Friday.

It was at 63.84 from 63.73 at 8am and 63.29 on Friday. The trade weighted index was at 68.16 from 67.54 on Friday.

- NZPA