The New Zealand dollar rose against the greenback today with unwinding of euro short positionings as global markets focused on the upcoming Greek election taking place this Sunday.
The debt-riddled nation could quit the euro zone currency which would impact markets worldwide.
The kiwi recently traded at US78.35c, up from US78.12c earlier. On the Trade Weighted Index against major trading partners' currencies it was at 70.90, up from 70.80 in the morning.
ASB chief economist Nick Taffley said the kiwi currency faced a quiet day, not moving far from where it opened earlier in the day.
"Generally we've traded sideways. We're heading into the Greek election which everybody's been focusing very closely. Overnight there did seem to be some degree of unwinding of euro short positions as some people took money off the table which may have contributed to some degree of a lift up in the euro and our own currency getting pushed higher," Taffley said.
"There has also been speculation that the G20 central banks are preparing themselves to they can take some co-ordinated action if there is any fallout from the election but that seems to be more rumour than anything else at this stage."
On the crosses the kiwi recently traded at 78.12 Australian cents, down slightly from A78.14c. It was up to 61.97 euro cents, from 61.88 euro cents in the morning. It rose to 50.39 pence, up from 50.21 pence earlier. It was at 61.78 Japanese yen, down from 61.96 yen earlier.
- © Fairfax NZ News