NZ dollar rally stalls
PA Wellington The New Zealand dollar closed at U570.53/60C, barely changed from its opening level in quiet local trading yesterday. The kiwi rose in offshore trading on Wednesday night in what dealers said was a rally spurred by short covering. A firming in the US dollar on the back of the favourable U.S. trade deficit result for April had depressed the kiwi, but it recovered to open yesterday at 70.60/70C. The Reserve Bank’s trade weighted index closed yesterday at 68.5, against Thursday’s close at 68.4. On the cross rates, the kiwi was valued at AustB7.62c, 1.2358 marks. 39.41 pence,
891027 yen and 1.0332 Swiss francs. Meanwhile, the chairman of Brierley Investments, Sir Ron Brierley, said in Washington that a gradual fall in the high New Zealand dollar would be better than a sudden drop. In an interview, Sir Ron said he had backed a floating exchange rate in 1984 and he did not now support intervention by the Government to bring down the valueIn Sydney yesterday, the Australian dollar closed higher ahead of today’s May balance of payments data as the currency built on gains made overnight. The close in Sydney of US 80.60/65C was well up from Thursday’s finish of 79.90/ 95c.
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Press, 17 June 1988, Page 18
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207NZ dollar rally stalls Press, 17 June 1988, Page 18
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