$NZ falls slowly
PA Wellington The New Zealand dollar finished 26 points down on its opening level yesterday, after dull trading. Dealers said they expected more of the same next week, as the New Zealand dollar closed at U561.73/83c against its 61.90/00 opening and 61.85/95 close on Thursday. “A rumour that the New Zealand dollar is actually trading offshore” was greatly exaggerated, one dealer said. Its range on Thursday night was between 61.78 and 61.98. At home it received good support around 61.60 and some selling interest above US62c, but was again locked in a narrow range between 62.06 and 61.53, dealers said. Exporter support put a solid floor on the currency but there was no upward push as the focus went on the Australian dollar, they said. The market had been looking for a lead from offshore overnight but failed to react to a drop in the AustralianUnited States dollar cross rate, dealers said. On cross rates at the close the N.Z. dollar was valued at Aust76.2lc, 1.14 marks, 35.98 p, 79.32 yen, and 0.9758 Swiss francs. The Reserve Bank trade weighted index closed at 60.7, slightly down on its opening fix of 60.9 and Thursday’s close of 60.8. A week ago it closed at 60.4 and a month ago at 58.2. The Australian dollar ended the week in New Zealand at .8103/10 US dollars after trading yesterday in a USlc range to as low as .8010. In Sydney, the Australian dollar closed higher at USBI.ISC, driven by heavy overseas buying, mainly out of Tokyo. Dealers said the active interest pushed the Australian dollar up from 80.50, breaching the key technical point of 80.80, to close almost a full U.S. cent above Thursday’s 80.30/37 close. The Australian dollar was higher at $NZ1.3091/3223 from 1.2937/20 on Thursday. In New York, the U.S. dollar closed a pfennig higher on Thursday (yesterday morning, N.Z. time) after West Germany decided not to raise interest rates and dealers took profits on their mark positions.
The dollar ended at 1.8465/ 70 marks, up from 1.8360/70 at Wednesday’s close. It rose to 128.35/40 yen from 128.20/ 30.
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Press, 4 March 1989, Page 26
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351$NZ falls slowly Press, 4 March 1989, Page 26
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