Kiwi eases
PA Wellington The New Zealand dollar eased to stand at U50.5140/47 near the close of trade yesterday from its U50.5158/65 opening, foreign exchange dealers said. Trade was extremely quiet, with little interbank or corporate activity, they said. “Most companies have packed up and gone home for Christmas,” one dealer said and others said the interbank market had also slowed down for the holiday season. The fall in the kiwi dollar
was caused by a lack of interest in the market, plus a correction to the unit’s recent sharp rises, and some profit taking, they said. However dealers said they still expected the unit to remain on an upward trend in the near term. Wholesale cross rates for one New Zealand dollar were Aust77.4c, 1.04 West German marks, 35.8 p and 84.2 yen. The Reserve Bank trade weighted index measured the local unit at a steady 62.9 at 9 a.m. and 3 p.m.
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Press, 17 December 1986, Page 41
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154Kiwi eases Press, 17 December 1986, Page 41
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