NZ dollar down from overnight high

JAZIAL CROSSLEY
Last updated 17:26 02/11/2012

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The New Zealand dollar fell slightly against the greenback today after rising strongly on the kiwi-US cross overnight.

The kiwi recently traded at US.82.62c, down from US82.68c in the morning. 

On the Trade Weighted Index against major trading partners' currencies, it was at 73.80, up from 73.30 in the morning. 

HiFX senior currency strategist Dan Bell said the kiwi-US cross continued to look strong after it hit a high of around US82.78c overnight.

''The overall tone was set from a positive night in the US with stocks up over 1 per cent through the course of the day's session, despite it being a little bit mixed in Asia. 

The kiwi is holding its focus on US employment data due in just after midnight tonight,'' Bell said.

''If the employment number is better than expected, it is going to be positive for sentiment. The way things are going at the moment, the New Zealand dollar could easily continue to push up in line with better risk sentiment.''

On the crosses, the kiwi recently traded at 79.43 Australian cents, down from A79.54c in the morning. It was at 63.89 euro cents, down from 63.94 euro cents earlier. 

It fell to 51.26 pence, from 51.29 pence earlier. It was at 66.29 Japanese yen, down from 66.32 yen. Bell expected the kiwi to trade between US82.50c and US83.00c overnight.

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- BusinessDay.co.nz

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