Kiwi edges higher on US holiday

RICHARD MEADOWS
Last updated 09:27 22/01/2013

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The New Zealand dollar edged up against the greenback this morning after a quiet overnight session, with US markets closed for Martin Luther King day.

The kiwi recently traded at US83.63c, up from US83.54c at 5pm yesterday. It was at 75.10 on the Trade Weighted Index against major trading partners' currencies.

HiFX senior dealer Dan Bell said there was not a lot of news to speak of but European equity markets had seen some modestly positive returns overnight.

The focus for today would be the Bank of Japan's monetary stimulus policy, scheduled to be released this afternoon.

"The market has well and truly priced in some seriously aggressive stimulus from the BOJ," said Bell.

"In terms of how that's going to impact the kiwi, in a market where we're getting short on any yield, the New Zealand dollar continues to look more attractive than a lot of other currencies."

On the crosses, the kiwi recently traded at 79.52 Australian cents, down from A79.69c earlier. It was at 62.81 euro cents, down from 63.15 euro cents earlier. Against the British pound it was at 52.85 pence, up from 51.43p earlier. It was at 75.05 Japanese yen, up sharply from 70.65 yen earlier.

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- BusinessDay.co.nz

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