NZD up but trading quiet

JAZIAL CROSSLEY
Last updated 17:38 28/11/2012

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The New Zealand dollar rose against the greenback today in a quiet trading session.

The kiwi recently traded at US82.12c, up from US82.05c. On the Trade Weighted Index against major trading partners' currencies it was at 73.40, down slightly from 73.47.

ASB Institutional head of institutional FX sales Tim Kelleher said the kiwi had a quiet day.

"The New Zealand dollar got sold off overnight in London and in Asia was trading sideways but it has been a very quiet day, there has not been much movement in any currencies at all," Kelleher said.

"Markets are still digesting the Greece news from yesterday [that another round of bailout funding would be issued]. Locally, markets will be looking to the Reserve Bank monetary policy statement next week."

On the crosses, the kiwi recently traded at 78.55 Australian cents, down from A78.78c earlier. It was at 63.49 euro cents, up slightly from 63.46 euro cents earlier. The kiwi recently traded at 51.28 pence, down from 51.20 pence earlier. It was at 67.23 Japanese yen, down from 67.51 yen earlier.

Kelleher said the kiwi was expected to trade between US81.80c and US82.40c overnight with a bias towards the downside.

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- BusinessDay

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