NZD up against US

JAZIAL CROSSLEY
Last updated 17:43 11/12/2012

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The New Zealand dollar rose against the greenback today, with trading in a tight range. 

The kiwi recently traded at US83.45c, up from US83.38c earlier. It was at 74.60 on the Trade Weighted Index against major trading partners' currencies, unchanged from the morning. 

Westpac market strategist Imre Speizer said the kiwi was looking strong today, nearing the next key level of resistance at US84.55c.

"Within a week I would expect that the kiwi will break higher and then proceed over the next few weeks. Medium-term time I have a bullish outlook for the kiwi," Speizer said. 

"There are strong New Zealand fundamentals on its side. Thursday morning our time there is a US Federal Reserve meeting where there could be news of a fourth quantitative easing programme that would be a big boost to share markets and commodity markets."

On the crosses the kiwi was at 64.52 euro cents, up from 64.46 euro cents earlier. It was at 51.91 pence, up from 51.89 pence. Against the Japanese yen it was at 68.73 yen, up from 68.67 yen in the morning. 

Speizer expected the kiwi to trade between US83.30 and US83.55 with a potential to break through the topside over the next few days.

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- BusinessDay.co.nz

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