Kiwi unchanged on weak USD

JAZIAL CROSSLEY
Last updated 17:16 18/10/2012

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The New Zealand dollar was unchanged against the greenback today, pulling back to the level seen at 8am after rising on a weaker US dollar during the day.

The kiwi recently traded at US82.09c, unchanged from 8am. On the Trade Weighted Index against major trading partners' currencies, it was at 72.90, up marginally from 72.89 in the morning.

HiFX senior currency strategist Dan Bell said the kiwi had another positive day.

"It traded to a high of US82.22c in line with what's been a weaker US dollar, against the euro, aussie and kiwi for that matter, but it hasn't managed to make any new highs," Bell said.

"The focus tonight will shift to the European Union summit and any relevant comments out of that."

On the crosses the kiwi was at 79.02 Australian cents, down from A79.18c earlier. It was at 64.99 Japanese yen, up from 64.87 yen earlier. It rose to 50.90 pence from 50.82 pence and climbed to 62.71 euro cents from 62.57 euro cents earlier.

Bell said the kiwi was expected to trade between US81.80c and US82.50c overnight with a bias towards the upside.

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- © Fairfax NZ News

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