Kiwi firm again
PA Wellington The New Zealand dollar finned for the second day in a row in active, but erratic trading on the local foreign exchange market today, dealers said.
After opening at 5U50.5873/80 the kiwi rose to 0.5895 in busy early trade and returned to 0.5868/75 near the close.
Depending on the outcome of todays $250 million Government Stock tender, the kiwi might test 9.5900 again, dealers said.
The local market got itself too long at the higher levels which caused the afternoon downward correction, dealers said.
Strong off-shore interest in the kiwi persists because New Zealand interest rates were among the highest in the world and the kiwi was an appreciating currency, they said. “Right now the kiwi is a shining star across the globe,” one dealer said. The Reserve Bank trade weighted index closed at 66.7 after opening the day at the same level.
On the cross the New Zealand dollar was worth AustBl.9lc, 1.0533 marks, 35.37 pence and 83.568 yen. The Australian dollar was static at $U50.7162/67 and sterling eased to $U51.6625/ 35 from Wednesday’s close of 1.6656/66.
The United States dollar firmed to 1.7942/52 marks and 142.30/40 yen from Wednesday’s positions of 1.7870/80 and 143.05/15.
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Press, 12 June 1987, Page 22
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201Kiwi firm again Press, 12 June 1987, Page 22
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