Kiwi dollar opens higher

Last updated 08:55 07/09/2010

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The New Zealand dollar opened firmer this morning as anxiety about the global economy eases, and could get further support following news across the Tasman.

At 8am today, the NZ dollar was buying US72.27c from US72.13c at 5pm and US71.83c at 8am yesterday.

With better-than-expected US data, the kiwi gained momentum yesterday and held its ground despite this weekend's massive Canterbury earthquake. Today, the dollar's movements will mostly be affected by developments in Australia.

The Reserve Bank of Australia (RBA) meets today, and even though it is not expected to change interest rates, in ANZ's morning brief, it said an upbeat RBA statement could see the Australian dollar break through resistance at US92.00c, and lend further support to the NZ dollar.

The aussie may also see some volatility as three of the country's independant MPs are expected to decide who will form government.

"Expect a minority led Government dominated by Labour to deliver more support for the (Australian dollar) and this will contain this cross on the topside," ANZ said.

The NZ dollar was buying A78.79c at 8am from A78.68c at 5pm yesterday, and A78.48c at 8am yesterday.

It was 0.5613 euro this morning from 0.5594 yesterday afternoon, and 60.85 yen from 60.84 yen.

The trade weighted index was 66.07 at 8am from 65.92 at 5pm yesterday

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- NZPA