New Zealand dollar finds strength

JAZIAL CROSSLEY
Last updated 18:21 19/03/2012

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The New Zealand dollar rose against the greenback today as the US dollar eased, weakened by lighter than expected consumer price index figures for February.

The kiwi recently traded at US82.54c, up from US82.21c in the morning.

DirectFX currency adviser Sam Coxhead said the kiwi had slight appreciation on the day.

"On Friday night the US dollar came back under a little pressure and both the kiwi and the aussie ground a little higher today. Heading into this week we expect further sideways trading," Coxhead said.

"Over time potentially we expect more US dollar strength, but while there has been short covering of the euro in particular it's hard for the US dollar to make too much headway. Current account deficit and GDP out this week are crucial numbers but it's not going to be trend defining information for the kiwi."

On the trade weighted index against major trading partners' currency the kiwi was at 73.50, up from 73.43 in the morning.

On the crosses the kiwi recently traded at 77.79 Australian cents, up from A77.64c in the morning. It rose to 62.65 euro cents from 62.38 euro cents in the morning. It was up to 52.12 pence from 51.90 pence and was trading at 68.92 Japanese yen, up from 68.47 yen.

Coxhead said the kiwi could trade between US82.00c and US83.00c overnight

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