NZ dollar follows Aussie up

JAZIAL CROSSLEY
Last updated 18:58 12/06/2012

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The New Zealand dollar was up against the greenback today, following the Australian currency higher after earlier concerns about Spain increasing its debt by $100 billion euros in being approved for a bail out.

The kiwi recently traded at US77.21c, up from US76.98c in the morning. On the Trade Weighted Index against major trading partners' currencies it was at 70.20, down from 70.25 earlier.

HiFX trading director Mike Hollows said the kiwi opened on the soft side, under pressure after yesterday's brief euphoric respite in the initial reaction to Spain receiving a bail out.

"The kiwi is well and truly off the highs from yesterday and just consolidating. There is a lot of focus on Europe tonight, we did see the pressure coming on in Spain."

On the crosses the kiwi recently traded at 77.94 Australian cents, up from A77.87c earlier. It rose to 61.43 Japanese yen from 61.19 yen earlier. It was at 61.79 euro cents, up from 61.66 euro cents earlier. It rose to 49.84 pence from 49.69 pence in the morning.

Hollows said the kiwi was likely to trade between US76.25c and US77.50c overnight.

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- BusinessDay.co.nz

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