Back to previous page Go to the business section NZ dollar swinging with risk mood Published: 9:39AM Wednesday July 28, 2010 Source: NZPA Read Tools: Email Print Text Size Share onimg Retweetimg The New Zealand dollar pushed up to a six-month high close toUS74c late last night but then fell away quickly.BNZ markets strategist Mike Jones said that for the most part,the NZ dollar tracked gyrations in risk appetite and global equitymarkets last night.Earlier in the night, upbeat European economic data and solidprofit announcements from UBS and Deutsche Bank buoyed optimismabout the global outlook,Jones said.European equities rose and the VIX index – a proxy for globalrisk aversion – tracked steadily lower.That all served to underpin demand for high yielding currenciessuch as the kiwi, while safe haven currencies such as the US dollarand yen were shunned.Advertisement But the lofty highs for the NZ dollar did not last long, andanother disappointing read on US consumer confidence released laterin the overnight session eroded investors’ risk appetite and thesafe haven currencies staged a comeback.Climbing from around US73.20c at lunchtime yesterday, the NZdollar reached as high as US73.95c shortly before midnight,according to Reuters data, before falling away to be at US73.27c at5pm.The kiwi also reached a five-week high 64.68 yen before fallingto 64.44 at the local open, having been at 63.84 yen at 5pm.The NZ dollar slipped to 0.5635 euro at 8am from 0.5648 at 5pm,and was down to A81.20c against the Australian dollar from A81.40cat the local close. The trade weighted index was 68.36 at 8am from68.39 at 5pm. Tools: Email Print Text Size share this article: Facebook Twitter more
Click here to view rest of article from original site
|
|||
Latest Related Twits From Twitter
|
)~~
