Kiwi in busy trading
PA Wellington The New Zealand dollar moved through a USlc range in busy trade on the foreign exchange market yesterday to end below its 5U50.4815/25 opening. At $U50.4760/70 near the close of business the unit was off its traded low of U547.25c, but it was also well off its high of U548.25C.
Dealers said the unit was quietly dealt on a thin market in the morning. But about noon sizeable
selling took the market by surprise and others joined in, pushing the unit down, they said.
A dealer said there were still importers about with New Zealand dollars to sell so there was room for the unit to fall further. But exporters were buying the kiwi when it fell to U547.5C, which would support it in the short term.
The Reserve Bank’s trade weighted index, which measures the New Zealand dollar's value against other
currencies had eased to 58.8 at 3 p.m. compared with 59.5 in the morning.
Wholesale values for the New Zealand dollar were at Aust76.sc, 0.981 Deutsche marks, 32.2 p and 74 yen. The Australian dollar finned to $U50.6230/37 near the close of trade from its $U50.6195/02 opening, while sterling was slightly stronger at $U51.4775/85 compared with 1.4770/90. The U.S. dollar was unchanged at 2.0580/90 DM and 155.25/45 yen.
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Press, 16 September 1986, Page 29
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216Kiwi in busy trading Press, 16 September 1986, Page 29
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