Kiwi at 52c
PA Wellington The New Zealand dollar strengthened above 52 U.S. cents yesterday on the foreignexchange market in Wellington, and dealers predicted it would rise further.
The kiwi dollar closed at $U50.5215/30 from its JU50.5170/85 opening for a gain of nearly 2c during the week. It traded as high as 52.3 c, but failed to move through that resistance level. The Reserve Bank’s tradeweighted exchange rate index climbed to 65.1 at 3 p.m. from 64.1 24 hours earlier. It stood at 65.0 at both 9 a.m. and 1 p.m. On the cross rates the kiwi was worth 74.8 Australian cents, 1.29 Deutschmarks, 36.3 p and 105.7 yen late in the day. In New York the American dollar ended mostly higher in dull trading on Thursday (early yesterday, N.Z. time) as players squared up positions ahead of the “Group of Five” Finance Ministers’ meeting in London over the week-end, traders said.
After an initial spurt of buying, the U.S. currency drifted up to 2.4660/75 marks by the close from 2.4540/50 at the opening and 2.4550/60 at the previous finish.
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Press, 18 January 1986, Page 21
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180Kiwi at 52c Press, 18 January 1986, Page 21
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