Kiwi little changed
PA Wellington After moving within a moderate range in dull trade the New Zealand dollar ended little changed at $U50.5417/24. The kiwi dollar had opened at $U50.5422/30, and ranged between 0.5395 and 0.5435 in moderate trade, a dealer said. Other dealers said the unit rallied after being sold down to start with in early morning trade. “High interest rates caused people to cut out of' short positions,” a dealer said. Dealers have differing opinions about the New Zealand dollar’s future direction. Some dealers said importer selling and a stronger US dollar will push the unit lower, but others said high interest rates will continue to attract support for the unit. “It is actually vulnerable on both sides,” one dealer said. The Reserve Bank trade weighted index, which measures the New Zealand dollar against a basket of other currencies, firmed to 64.9 at 3 p.m. from 64.5 at 9 a.m.
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Press, 3 February 1987, Page 19
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152Kiwi little changed Press, 3 February 1987, Page 19
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