NZD up as fiscal cliff talks continue

JAZIAL CROSSLEY
Last updated 18:47 30/11/2012

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The New Zealand dollar rose against the greenback as markets continued to look to progress in US fiscal cliff discussions for direction.

The kiwi recently traded at US82.28c, up from US82.22c in the morning. It was at 73.60 on the Trade Weighted Index against major trading partners' currencies, up marginally from 73.58 earlier.

HiFX senior currency strategist Dan Bell said it was a quiet day for the kiwi although it managed to break up through resistance last night to a high of US82.67c, although it eased through out the day.

"We've pretty much traded between US82.10c and US82.30c through the course of the day so it has been a very quiet day for the New Zealand dollar after the big spike we had last night," Bell said.

"I think the market is in a bit of a holding pattern until we hear more from the US fiscal cliff discussions. The kiwi just been treading water, waiting to get further developments out of the US tonight."

On the crosses, the kiwi recently traded at 78.86 Australian cents, up from A78.78c in the morning. It was at 63.28 euro cents, down from 63.67 euro cents earlier. The kiwi was at 51.26 pence, down slightly from 51.28 pence earlier. It rose to 67.82 Japanese yen, up from 67.55 yen earlier.

Bell expected the kiwi to trade between US82.00c and US82.80c overnight.

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- BusinessDay.co.nz

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