Kiwi sticks at US56c level
PA Wellington The New Zealand dollar continued to track the fortunes of the Australian dollar, ending at US56c on the foreign exchange market yesterday. Near the end of trading, the unit was at U556.00/13c against a U556.20/27C start. It had gone through a fairly wide range, recovering from a low of U555.82c before reaching the day’s high of U556.25C.
Dealers said there was virtually no reaction to yesterday’s slightly more favourable balance of payments situation.
The kiwi dollar was overbought overnight, taking the unit to a high of U 556.43 in New York. Natural selling pressure emerged as a result,
and the move down was compounded by a sinking Australian dollar.
“But the underlying trend is still up,” a dealer said. A range for today of U555.95C to U556.30C was predicted. The trade-weighted index finished at 66.3, up from 66.2 in the morning. On the cross-rates, the New Zealand unit was worth AustB2.9c, 1.03 Deutsche marks, 35.7 p, 86.1 yen and $HK4.37.
In Sydney, the Australian dollar closed lower at U567.60/65C in a bout of profit-taking and as funds left the country following a retreat on local sharemarkets.
The Reserve Bank trade weighted index was set at 54.4, down from 54.6.
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Press, 4 March 1987, Page 39
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206Kiwi sticks at US56c level Press, 4 March 1987, Page 39
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