NZ dollar follows Aussie up

JAZIAL CROSSLEY
Last updated 17:40 11/10/2012

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Currencies

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The New Zealand dollar rose against the greenback today, with strength also seen against the aussie as unemployment in Australia rose to the highest level seen in more than two years.

Australian unemployment was at 5.4 per cent in September, up from 5.1 per cent in August.

The kiwi recently traded at US81.78c, up from US81.64c in the morning. It was at 72.90 on the Trade Weighted Index against major trading partners' currencies, down from 72.95 earlier.

HiFX currency trader Alex Hill said the kiwi was testing the top of its range today.

"There was a bit of US dollar weakness in general in the afternoon session but started really with aussie employment numbers. I wouldn't be surprised to see the kiwi take a trip higher again. There may be a bit of momentum into the European session."

The kiwi recently traded at 79.51 Australian cents, down from A79.74c earlier. It was at 51.04 pence, down from 50.98 pence earlier. The kiwi recently traded at 63.82 Japanese yen, unchanged from the morning. It was at 63.57 euro cents, down from 63.28 euro cents earlier.

Tonight, markets would be looking to the US unemployment numbers due out.

Hill expected the kiwi to trade between US80.81c and US82.30c with a bias towards the top side.

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- BusinessDay.co.nz

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