NZD unchanged, expected to be bullish

JAZIAL CROSSLEY
Last updated 17:39 26/11/2012

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The New Zealand dollar was unchanged against the greenback today but is likely to rise during the course of the week.

The kiwi recently traded at US 82.35c at 5pm, unchanged from 8am this morning. On the Trade Weighted Index against major trading partners' currencies it was at 73.70, barely changed from 73.69 in the morning.

Westpac Banking Corp market strategist Imre Speizer said the trading in the kiwi was dull today but it held the gains from Friday, after markets rallied in the hopes a resolution was closer from authorities deciding whether Greece could access another tranche of bailout funding.

"The two big factors driving the markets this week are Greek funding talks and the US fiscal talks so headlines on both those fronts should be what jostles the kiwi around," Speizer said.

"If talks go well and start getting resolved the kiwi will be pushed even higher. Global risk appetite would become firmer, supporting kiwi dollar. Over the week it could push towards US83.10 and risk then is that it could break above the next range of US82.50c."

On the crosses, the kiwi recently traded at 78.76 Australian cents, up from A78.71c. It was at 63.55 euro cents, up from 63.38 euro cents earlier. It rose to 51.38 pence from 51.29 pence earlier. It rose to 67.76 Japanese yen, down marginally from 67.77 yen earlier.

Overnight Speizer expected the kiwi to trade between US82.0c and US82.50c, potentially up to US83.10c if it broke above uS82.50c.

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- BusinessDay

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