The New Zealand dollar was up against the greenback today after a strong performance across the Tasman by the Australian dollar.
The kiwi recently traded at US80.07c, up from US79.94c in the morning. On the Trade Weighted Index of major trading partners' currencies it was at 72.30, down from 72.33.
HiFX senior dealer Michael Johnson said good news for the Australian currency had a positive impact on the kiwi.
"There was a story out that the German Central Bank is going to start adding Australian dollars to its portfolio of currencies in the third quarter so that provided a boost to the Australian dollar and dragged the kiwi higher trend towards the topside," Johnston said.
"The world seems to have forgotten about the woes in Europe, the slowdown in China and the anaemic growth out of the US.
"While people are ignoring the negative situation the kiwi will push higher, but eventually that will stop and it will come down hard and fast."
On the crosses the kiwi recently traded at 77.03 Australian cents, down from A77.11c in the morning. It was at 65.15 euro cents, unchanged from 65.15 euro cents earlier.
The currency rose to 51.15 pence, up from 51.07 pence earlier, and was at 62.91 Japanese yen, down from 64.98 yen earlier.
Johnston expected to kiwi to trade between US79.75c and US80.50c overnight, with a bias towards the topside.
- © Fairfax NZ News