NZD up slightly, quiet trading

JAZIAL CROSSLEY
Last updated 17:34 31/10/2012

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The New Zealand dollar rose against the greenback today as the trading environment remained quiet with the US market out of the picture due to Hurricane Sandy.

The kiwi recently traded at US82.16c, up from US82.12c in the morning. On the Trade Weighted Index against major trading partners' currencies it was at 73.30, up from 73.00 in the morning.

Westpac market strategist Imre Speizer said trading was dull for the New Zealand dollar today.

"It has really gone nowhere, there has just been some sideways action. It has been stuck just above US82.00c for the whole day but there was no news overnight, just a bit of a risk on feel that helped to give it a bit of a push up to just above US82.00c," Speizer said.

"I don't expect any excitement in the market till tomorrow's when China's PMI [Purchasing Managers Index] data is released and on Friday night we have US payrolls."

On the crosses the kiwi was at 79.14 Australian cents, down from A79.18c in the morning. It rose to 63.39 euro cents, up from 63.34 euro cents earlier. It was at 51.08 pence, up marginally from 51.07 pence in the morning. Against the Japanese yen it was at 65.39, up from 65.38 at 8am.

Speizer expected the kiwi to trade between US81.80c and US82.40c overnight, but commented that it could rise towards US83.50 by the end of the week depending on the content of the upcoming data releases.

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- BusinessDay.co.nz

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