NZD down as Greek talks delayed

JAZIAL CROSSLEY
Last updated 20:40 21/11/2012

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The New Zealand dollar fell against the greenback today as talks between the European Central Bank, International Monetary fund and euro zone finance officials regarding the Greek debt crisis dragged on.

The kiwi recently traded at US81.30c, down from US81.45c in the morning. On the Trade Weighted Index against major trading partners' currencies it was at 73.30, up from 73.22.

DirectFX currency adviser Sam Coxhead said it had been a relatively quiet day for the kiwi currency in foreign exchange markets.

"The US has seen some grinding up with appreciation accelerating since the Europe came out and said there would be no decision on [reducing the debt of] Greece this week with talks delayed til next week," Coxhead said.

"There was a fairly muted response in the overseas sessions to Moody's French downgrade. The US dollar just rallied across the board which is keeping pressure on things at the moment."

On the crosses, the kiwi recently traded at 78.52 Australian cents, down slightly from A78.57c. It was at 63.71 euro cents, up from 63.63 euro cents in the morning.

The kiwi was at 51.10 pence against the British pound, down from 51.17 pence earlier. It was at 66.57 Japanese yen, up marginally from 66.54 yen earlier.

Overnight the kiwi was expected to trade between US80.80c and US81.80c with a bias mildly to the downside.

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- © Fairfax NZ News

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