Kiwi up on strong confidence report

JAZIAL CROSSLEY
Last updated 20:43 29/11/2012

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The New Zealand dollar rose against the greenback today, following more positive trading globally on progress at United States fiscal cliff discussions and a positive report on the local economy.

The kiwi recently traded at US82.41c, up from US82.31c in the morning. On the Trade Weighted Index against major trading partners' currencies it was at 73.70, up from 73.63 earlier.

Westpac market strategist Imre Speizer said the kiwi ground higher today.

"The National Bank Business Confidence report out today was strong, another piece of data showing once we got beyond the soft patch in the third quarter, October and September started to show a pick up in the economy," Speizer said.

"That is why the kiwi has outperformed all the currencies this afternoon."

The kiwi recently traded at 78.73 Australian cents, up from A78.56c. It was at 63.62 euro cents, down slightly from 63.65 euro cents. It was at 51.45 pence, up marginally from 51.42 pence earlier. Against the Japanese yen it rose to 67.63 from 67.40 yen earlier.

Speizer expected the kiwi to rise towards US82.50c overnight. If it broke through that level, it could move up to US83.10c.

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- © Fairfax NZ News

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