Heavy trading in lower kiwi
PA Wellington The New Zealand dollar finished well below its start, in heavy trading yesterday, with . mixed feelings among dealers about its future prospects. It closed at $U50.5663/ 70, against a 0,5715 day’s traded high, a 0.5690/97 start and a 0.5705/12 close on Wednesday. Dealers expect it to trade between 0.5680 and 0.5725 short-term.
Some dealers said the kiwi dollar saw resistance at 0.5715 and is likely to test support below 0.5680. Other dealers are more bullish, predicting a break through to 0.5740 in the near future.
The kiwi dollar remains supported by high domestic interest rates. While firmer Government bond
rates provided underlying support, volatility in money market call rates in the morning session sent the unit to its' day’s high and low. Wholesale cross rates for the New Zealand dollar • were sAusto.BoB9, Dmk1.0409, 5tg0.3576, and yen 83.967, The. Reserve Bank trade-weighted index closed steady at 65.9 against its 65.8 open, and 65.8 close on Wednesday. The Australian dollar eased to $U50.7039/44 but steadied after the Australian Reserve Bank held the rediscount rate at 17 per cent. The U.S. dollar was at 1.8275/85 marks and 147.28/38 yen, from New York’s close of 1.8310/20 marks and 147.20/30 yen.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19870403.2.66.12
Bibliographic details
Press, 3 April 1987, Page 8
Word Count
203Heavy trading in lower kiwi Press, 3 April 1987, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in