Kiwi dollar climbs higher

JAZIAL CROSSLEY
Last updated 17:25 18/09/2012

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The New Zealand dollar recovered from earlier weakness to hit a five-month high against the Aussie dollar today, and gained ground against a soft US dollar. 

The kiwi recently traded at US82.74c, up from US82.52c. On the Trade Weighted Index against major trading partners' currencies it was at 73.10, unchanged from the morning.

HiFX senior currency strategist Dan Bell said the New Zealand dollar had come under some selling pressure during the last 24 hours.

"We have seen the kiwi-US cross trade to a low of around US82.26c following a more negative night for risk sentiments last night, particularly with commodity prices down a good 2 per cent," Bell said.

"We saw kiwi come under pressure against the US dollar which has also seen a general pullback. There has been a significant bout of US dollar weakness following the Federal Open Markets Committee announcement of QE3."

On the crosses, the kiwi recently traded at 79.04 Australian cents, the highest seen since April. It was up from A78.89c earlier. It was at 63.13 euro cents, up from 63.02 euro cents earlier. It rose to 50.92 pence, from 50.83 pence in the morning. It was at 65.11 Japanese yen, up from 65 Japanese yen in the morning.

Bell expected the kiwi to trade between US82.20c and US83.00c overnight, with a bias towards the downside.

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- BusinessDay.co.nz

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