Kiwi unchanged, markets look to US

JAZIAL CROSSLEY
Last updated 18:18 09/11/2012

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Currencies

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The US dollar was unchanged against the kiwi today as markets became concerned about the economy in the United States.

The kiwi recently traded at US81.61c, unchanged from the morning.

On the Trade Weighted Index against major trading partners' currencies it was at 72.80, down from 72.30 in the morning.

HiFX senior currency strategist Dan Bell said the kiwi came under selling pressure today.

''Although, it has recovered from its lows earlier this morning. The New Zealand dollar started the day on the back foot after another negative night for Wall Street stocks which were down 1 per cent and are currently down at three month lows,'' Bell said.

''Overall the markets are looking a bit more fragile, given the uncertainty with the US fiscal cliff which will need to be resolved by January next year.

There were also further concerns in Europe with Greece needing more money.''

On the crosses, the kiwi was recently at 78.31 Australian cents, up from A78.22c.

It rose to 64.91 Japanese yen from 64.83 yen earlier.

It was at 50.96 pence, down from 51.06 pence earlier.

It was at 63.86 euro cents, up from 64 euro cents. Bell expected the kiwi to trade between US81.00c and US81.80c with a bias towards the downside.

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- © Fairfax NZ News

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