NZD down despite Greek deal

JAZIAL CROSSLEY
Last updated 17:39 27/11/2012

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The New Zealand dollar fell against the greenback today, with little reaction in the currency to the news that European leaders had agreed to release a further tranche of bailout funding to indebted Greece.

The kiwi recently traded at US82.26c, down from US82.31c earlier in the day. On the Trade Weighted Index against major trading partners' currencies, it was at 73.50, down from 73.70 earlier.

HiFX senior currency strategist Dan Bell said the kiwi traded in a tight range.

"There was not a lot of action following that announcement which would lead one to suggest markets had pretty much priced it in already. I think the attention will shift now to the fiscal cliff situation in the United States," Bell said.

"Local New Zealand data continues to be mostly ignored with a worse trade balance barely impacting the kiwi. The big focus is on overseas."

On the crosses, the kiwi recently traded at 78.49 Australian cents, down from A78.55c earlier. It was at 63.35 euro cents, down marginally from 63.36 euro cents earlier in the day. The kiwi recently traded at 67.45 Japanese yen, down from 67.51 yen earlier.

Bell expected the kiwi to trade between US82.00c and US83.00c overnight with a bias towards the topside going in to the European trading session overnight where trading was likely to be more positive following the Greek deal.

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- BusinessDay.co.nz

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