Kiwi holds on
PA Wellington The New Zealand dollar spent a quiet day trading within a narrow range and closed near its opening level. The kiwi closed at U564.64/74C against its open at U564.59/69c and against Tuesday’s close at U565.05C. It traded as high as U564.93c and traded down to U564.52C. Dealers said the market was very quiet in the face of the kiwi strength. “It takes a brave person to come In and buy at USO.6Oc when they used to buy it around 0.45 c,” one said. The market felt the Government intended to maintain
its tight monetary policy and dealers said they expected the kiwi to stay high. On the cross rates the kiwi was worth Aust9l.79c, 1.0748 marks, 35.90 p, 86.536 yen and 0.8819 Swiss francs. The Reserve Bank trade weighted index closed at 65.9 against its opening fix of 65.7 and Tuesday’s close at 65.8. Attention was fixed on the U.S. dollar which rallied slightly on overseas markets. In Sydney, the Australian dollar closed sharply easier at U570.25/30C as a wave of selling pressure late in the day sent the currency tumbling
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Press, 3 December 1987, Page 31
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186Kiwi holds on Press, 3 December 1987, Page 31
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