NZD up on strong Asian markets

JAZIAL CROSSLEY
Last updated 17:17 09/10/2012

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The New Zealand dollar rose against the greenback today on strength in commodities and equities in Asia.

The kiwi recently traded at US82.28c, up from US82.12c overnight. On the Trade Weighted Index against major trading partners' currencies it was at 73.20, up from 73.01 in the morning.

ASB Institutional head of institutional FX sales Tim Kelleher said the kiwi had a reasonably buoyant day.

"We have actually seen a strong bounce in equities in Asia today and also a bounce in the commodities in Asia. We first saw the aussie move up and the kiwi moved up afterwards, with slightly more positive sentiment in the market," Kelleher said.

"Tonight, [German leader] Angela Merkel is in Greece [to support fiscal reforms] so that will be the focus."

On the crosses, the kiwi was trading at 80.36 Australian cents, down from A80.44c in the morning. It was at 63.36 euro cents, up from 63.32 euro cents in the morning, and was at 51.29 pence at 5pm, up from 50.21 pence in the morning. The kiwi rose to 64.50 Japanese yen from 64.32 yen earlier.

Kelleher expected the kiwi to trade between US81.75c and US82.50c-US82.75c overnight with a bias towards the upside.

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- BusinessDay.co.nz

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