Kiwi slightly firmer
PA Wellington The New Zealand dollar closed slightly firmer at $U505045/60 on the Wellington foreign-exchange market yesterday after trading quietly. The kiwi dollar opened at SUSOSO3O/50 — 5c weaker than its finish in Wellington on Friday, after a rallying, of the U.S. dollar and further rumours of overseas disinvestment in New Zealand.
One dealer said that while there was good twoway business in the kiwi dollar yesterday, people were reluctant to hold positions in view of volatility.
The kiwi dollar firmed to a day’s high of 50.7 c late afternoon in what dealers said was short covering. One trading bank dealer said the unit stopped at that level when people read reports of a speech by the Prime Minister, Mr Lange, with a gloomy outlook for the economy in 1986.
But another dealer said the market learned nothing new from Mr Lange’s speech and it was already bearish on the kiwi dollar from an economic point of view. The Reserve Bank’s trade-weighted exchange rate index was fixed at 63.0 at 3 p.m., from 63.1 at both 9 a.m. and on Friday.
The kiwi dollar was also worth 72.9 c, 1.25 marks, 34.9 p and 102.4 yen late today.
the U.S. dollar opened 3 pfennigs firmer than its close in Wellington last Friday after rebounding in offshore centres when rumours of Arab disinvestment in the United States were discounted. Dealers said the American dollar was fairly stable in Asian trading yesterday. It closed in Wellington at 2.4650/60 Deutschmarks and 202.60/70 yen, compared, with its opening of 2.4670/00 marks and 202.30/50 yen. Sterling closed at $U51.4500/20 from its $U51.4470/90 opening. The Australian dollar finished at $U50.6924/31 U.S. dollars from $U50.6930/40.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19860114.2.130.16
Bibliographic details
Press, 14 January 1986, Page 30
Word Count
280Kiwi slightly firmer Press, 14 January 1986, Page 30
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.