$NZ firmer
PA Wellington The New Zealand dollar was slightly firmer in quiet trading yesterday while traders held back to re-assess the market after its recent tumble. One dealer predicted a US53c to US54c range during the next two days of reassessment. The unit traded at $U50.5345/60 against its $U50.5325/40- opening. The high for the day was $U50.5365/75. There was only light exporter covering at yesterday’s low levels. Dealers were divided as to the direction of the unit. For the meantime, it appeared to be settling into a period of consolidation. The trade-weighted Reserve Bank exchange rate index was at 64.2 by 3 p.m., compared with the morning’s
fix of 64.3. On the cross-rates, the New Zealand dollar was worth Aust76.7c, 1.18 marks, 35.5 p and 88.95 yen. The U.S. dollar rose to trade at 2.2215/25 marks from 2.2165/80. It was almost unchanged against the yen at 166.15/25. Sterling was unchanged at $U51.5050/65, while the Australian unit firmed marginally to $U50.6963/70 from 0.6938/45. In New York on Monday (early yesterday, N.Z. time), the U.S dollar closed firmer and near the day’s highs as traders covered short positions established during an early fall below 2.20 marks. The dollar closed at 2.2175/85 marks, up from Friday’s finish of 2.2090/00 and compared with an early low of 2.1945. In after-hours trading, the dollar briefly touched 2.2195.
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Press, 18 June 1986, Page 36
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223$NZ firmer Press, 18 June 1986, Page 36
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