NZD up on GDP strength

The New Zealand dollar rose against the greenback today as markets responded to the stronger than expected Gross Domestic Product data released yesterday, up 0.6 per cent for the June quarter.

The kiwi recently traded at US83.01c, up from US82.82c in the morning. On the Trade Weighted Index against major trading partners' currencies it was at 73.60, up from 73.55 earlier.

ASB Institutional head of institutional FX sales Tim Kelleher said the kiwi dollar was reasonably strong on the day.

"It maintained its gains against the Australian dollar and continued to rally against the euro. It performed well against the US as well with a continuation of buying from Europe and the US last night on back of stronger GDP."

On the crosses, the kiwi traded at 79.27 Australian cents, down from A79.32c earlier. It rose to 63.91 euro cents from 63.87 euro cents earlier. It was at 64.87 Japanese yen, down from 64.89 yen earlier.

It fell to 51.07 pence from 51.08 pence in the morning.

Kelleher expected the kiwi to trade between US82.75c and US83.25c overnight.

- © Fairfax NZ News