NZD up on Greek hopes

JAZIAL CROSSLEY
Last updated 17:35 22/11/2012

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The New Zealand dollar rose against the greenback today on feedback that European leaders were progressing talks and getting closer to a solution about whether to release emergency aid to indebted Greece.

The European Central Bank, International Monetary fund and euro zone finance officials have been in negotiations.

The kiwi recently traded at US81.54c, up from US81.30c yesterday afternoon. On the Trade Weighted Index against major trading partners' currencies  it was at 73.30, unchanged from 5pm yesterday.

HiFX currency advisor Alex Hill said the kiwi picked up a little today but it was still broadly within the same range.

"It picked up this morning mainly on German comments that it did have a resolution to the Greek situation coming by early next week.

"Today we also had the Chinese HSBC PMI data out which was a lot better than [up to 13 month high] which picked up risk currencies somewhat," Hill said.

On the crosses, the kiwi recently traded at 78.50 Australian cents, down marginally from A78.52 at 5pm yesterday. It eased to 63.50 euro cents, compared with 63.71 euro cents earlier. Against the British pound it was at 51.09 pence, down from 51.10 pence yesterday. It rose against the Japanese yen to 67.20, up from 66.57 yen earlier. 

Hill expected the kiwi to trade between US81.10c and US82.05c overnight, with a slight bias towards the upside. The markets are expected to be quiet because of the holiday in the United States for Thanksgiving.

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- BusinessDay.co.nz

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