Offshore demand for dollar
The New Zealand dollar attracted offshore and exporter demand when it eased to US55c on the foreign exchange market yesterday, while most of the action centred on major currencies. Trading in the New Zealand dollar was comparatively quiet, with dealers not wanting to commit themselves ahead of the release today of details of yesterday’s $5OO million Government stock tender. The kiwi dollar was at 5U50.5500/10 in late trading, compared with its 0.5530/45 opening level. The trade-weighted Reserve Bank exchange rate index fell to 66.0 at 3 pm, down from 66.2 yesterday morning.
On the cross-rates, the New Zealand dollar was worth Aust76c, 1.23 marks, 36.7 p, and 36.7 yen. A big 6-pfennig selldown of the US dollar overnight was sparked by widespread rumour that the impending United States first quarter GNP figure (due out today) would be weak. Adding fuel to the fire were reports of massive Middle East disinvestment of US assets to the tune of $2 billion. The Bank of Japan was said to have supported the greenback once it fell to around 175 yen. Near the close in New Zealand’s timezone, the greenback appeared to have settled at 2.2505/20 marks and 176.33/43 yen.
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Press, 18 April 1986, Page 12
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200Offshore demand for dollar Press, 18 April 1986, Page 12
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