Kiwi outperforms, may push on

20:10, Feb 11 2013

The New Zealand dollar outperformed other currencies overnight and may nudge higher today with local economic data expected to be positive.

The kiwi recently traded at US83.77 cents, up from US83.38c at 5pm yesterday, while on the Trade Weighted Index of major trading partners' currencies it was at 75.70, up from 75.63.

Westpac market strategist Imre Speizer said the kiwi had outperformed other currencies, which were pushed around slightly by various news events.

"I'd call it minor moves that were particular to specific currencies, and apart from that the markets were fairly dull once again," he said.

Local data out today includes electronic card spending for January and the Real Estate Institute's latest sales figures, neither of which alone usually move the market.

"In tandem, I think they'll reinforce the message that the kiwi economic data stream remains positive, and we think it will be positive today," said Speizer.

The next significant piece of data is fourth-quarter retail sales due out on Friday.

On the crosses, the kiwi recently traded at A81.38 cents, up from A80.91c yesterday, and 78.27 Japanese yen, up from 77.13 yen. It opened at 62.42 euro cents, up from 62.33 euro cents, and rose to 53.43 pence, from 52.74p.

Speizer was picking the dollar to remain on its bullish track up to US83.90c today.