Kiwi fails 58c test
NZPA Wellington The New Zealand dollar passed US5Bc in trading in Wellington yesterday but closed lower at U557.95/05C. The kiwi moved in a 43point range to a high of 58.10. It was well bid in and the expectations were for it to remain so, largely on firming interest rates. It rose in early trading to claim the US5Bc level after opening exactly as it closed on Friday at 57.75/85. Against other major currencies it was steady at 1.08 marks, slightly up at 35.65 p and 80.68 yen but lower at 0.9323 Swiss francs. The Reserve Bank tradeweighted index closed at 59.9, exactly as its opening and Friday’s closing fix. In Sydney, the Australian dollar finished firmer, but off the day's highs, yesterday as a sluggish United States dollar and lack of local news gave traders few reasons to buy. The currency ended at U576.70/77C, lifting from Friday’s close at 76.59/66, but down from its start here at 76.90/77.00. Against the kiwi, the Australian dollar firmed to NZ1.3217/52 from 1.3215/45 previously.
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Press, 11 July 1989, Page 27
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174Kiwi fails 58c test Press, 11 July 1989, Page 27
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