Kiwi gains 1c against Aussie
PA Wellington The New Zealand dollar was put under pressure yesterday as the Australian dollar fell after the announcement of a worse-than-expected Australian current account deficit. The New Zealand dollar closed yesterday at U561.02/12c after opening at 61.23/33. It closed on Monday at 61.21/31 and traded yesterday between U560.62C and 61.26.
The kiwi gained more than a cent against the Aussie on cross rates, finishing at Aust76.7sc from yesterday morning’s early quote of Aust7s.44c. “The Aussie lost quite a bit of ground against the kiwi today,” a dealer said.
The Australian dollar opened in New Zealand at U581.15/22C and dropped after the announcement that Australia’s current account deficit had widened to sAustl.624 billion in March from sAustl.l64B in February. It ended the day here at U579.55/60C. The market had expected a current account deficit of between
SAustl.lß and sAustl.4B. The lack of interest in the Australian dollar had worked to the kiwi’s benefit with many offshore buyers — especially Australian — buying New Zealand dollars, the dealer said.
He predicted there would be a small correction in the New Zealand/ Australian cross rate overnight but that the Australian dollar would head lower still against the greenback in the next couple of days.
On other cross rates the kiwi was valued at 1.13 marks, 35.67 p, 80.62 yen and 1.0016 Swiss francs.
The Reserve Bank trade weighted index -was fixed at 60.6 at 3 p.m., slightly up on its opening and Monday’s close of 60.5.
In New York on Monday the United States dollar ended weaker at 1.8605/10 marks, down from 1.8647/52 on Friday, but higher against the yen, reflecting concern over the political impact of the Recruit share scandal in Japan. It closed at 132.16/21 yen, up from 132.05/15.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19890419.2.148.12
Bibliographic details
Press, 19 April 1989, Page 38
Word Count
292Kiwi gains 1c against Aussie Press, 19 April 1989, Page 38
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