Kiwi consolidates morning gains

Last updated 19:01 14/09/2012

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The New Zealand dollar rose strongly against the greenback, consolidating morning gains that followed a US Federal Reserve announcement of a US$40 billion (NZ$48b) per month mortgage backed bond-buying programme.

The kiwi recently traded at US83.36, up from US82.99 around midday.

It was at 78.82 Australian cents, up from 78.7 in the morning, 63.99 Euro cents, up from 62.99 earlier, and 64.7 Japanese Yen up from 64.38.

ASB Institutional bank's head of FX sales, Tim Kelleher, said it had been a day of orderly trading that was one-way traffic.

''The dollar slowly went north and hasn't backed off all day.''The Trade Weighted Index was up at 73.6, from 73.41 earlier. 

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- © Fairfax NZ News

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