NZD up ahead of RBNZ announcement

JAZIAL CROSSLEY
Last updated 17:43 05/12/2012

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The New Zealand dollar rose against the greenback today with light trading as markets look towards tomorrow's Reserve Bank of New Zealand monetary policy announcement.
 
The kiwi recently traded at US82.48c, up from US82.40c in the morning. It was at 73.40 on the Trade Weighted Index against major trading partners' currencies, up marginally from 73.39 in the morning.
 
Bank of New Zealand market strategist Mike Jones said trading in the kiwi was overall very quiet.
 
"There was a surge in the kiwi against the yen, which was the most eye-catching development through the day. It reflects a bit more speculation about the Bank of Japan easing to lower the yen," Jones said.

The kiwi was at 67.84 Japanese yen, up from 67.41 yen in the morning.
 
"In general, most traders and investors are treading water ahead of the Reserve Bank of New Zealand announcement. We expect it will keep rates on hold."
 
On the crosses, the kiwi recently traded at 78.70 Australian cents, up from A78.60c earlier. It was at 62.92 euro cents, unchanged from the morning. Against the British pound it was at 51.20 pence, up from 51.16 pence earlier.
 
Overnight, Jones expected the kiwi would shuffle sideways between US82.00c and US82.90c.

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- © Fairfax NZ News

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