$NZ closes at US50c
PA Wellington The New Zealand dollar closed around its opening level of SUSO3O3O/50 after trading quietly on the local foreign exchange market yesterday. Dealers said there was some early morning commercial activity and position squaring before the kiwi settled back to its opening level. It was quoted at $U503035/50 in late trading. They expected the market to remain quiet, after its recent adjustments, with most corporate traders having ended their business before the Christmas break. The Reserve Bank tradeweighted exchange rate index was unchanged at 3 p.m. from the morning's and Wednesday’s level of 63.8.
The kiwi was also worth Aust74c, 1.27 marks, 35.5 p and 102.4 yen late yesterday
The United States dollar, which rose in New York on year-end commercial demand, closed in New Zealand slightly lower at 23170/90 marks and 202.90/00 yen from its local opening of 23210/25 marks and 20335/35 yen.
Sterling picked up yesterday, after suffering overnight from renewed oil price worries, closing firmer at SUSI.4IBO/00, compared with its $U51.4130/ 45 opening.
The Australian dollar closed slightly firmer at $U50.6806/13 compared with ?U50.6799/06.
In London, the American dollar closed higher, mostly as the yen and sterling lost ground in an erratic and sometimes very thin pre-Christmas market, dealers said. The dollar ended at 2.5150/70 marks, compared with its close the previous day at
23100/15 and at 202.95/203.10 yen after 201.80/90. Sterling ended lower at $U51.4195/4210 from its previous close at $U51.4365/80. The American dollar edged higher in quiet trading in New York. Many took advantage of a lull in this week’s schedule of United States economic reports to refocus on the beleaguered United Kingdom currency, dealers said.
“Everyone blamed oil price worries, but the move was really technical,” said one trader. “It was just a lot of people with a lot of long (sterling) positions to offload.” The American dollar firmed to 23210/25 marks from 2.5095/10 the previous day, while sterling fell to $U51.4155/65 and about 3.5685 marks from $U51.4340/50 and 33950 respectively at the previous finish.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19851220.2.81.1
Bibliographic details
Press, 20 December 1985, Page 10
Word Count
336$NZ closes at US50c Press, 20 December 1985, Page 10
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in