Kiwi past US59c

Press, 22 August 1989, Page 26

Kiwi past US59c

PA Wellington The New Zealand dollar’s

breakthrough to US59c was the only highlight in an otherwise dull day on the foreign exchange market yesterday. The kiwi opened at U558.72/82C showing little progress from Friday’s 58.65/ 75 close, and remained about that level in morning trading. But the currency later crept up to breach the US59c barrier and traded as high as 59.05, before closing at 58.93/ 59.03. One dealer described the day as "very, very unexciting,” with nothing happening to give the kiwi a major boost either way. But after breaking the major USSB.BOC resistance last week, it was inevitable the kiwi would go up, she said. The Aussie dollar opened at U575.75/82C here after closing on Friday at 75.63/73. It reached a high of 75.91 and traded as low as 75.50, before settling on 75.79/86. In New York (late yesterday N.Z. time), the greenback had eased against the Deutsche mark to 1.9500/10 from its last close of 1.9565/ 70 but was firmer against the yen at 143.00/07 (142.55/65 last). . Against other currencies, the kiwi was valued at Aust77.7Bc, 1.15 Deutsche marks, 37.75 p, 84.51 yen and 0.9981 Swiss francs. The Reserve Bank’s trade weighted index was firmer at 61.7 mid-afternoon, compared with its opening 61.5 and Friday’s close of 61.4. The index was 61.0 one week ago. In Sydney yesterday the Australian dollar held its ground against a firmer United States currency and drifted to a higher finish in lethargic trade. It closed at U575.75/82C, rising from Friday’s 75.65/72 close but off the day's 75.90 high. Dealers said there was a lack of corporate Interest in the currency as the market took a breather from last week’s saturation of economic data in the Federal Budget and July balance of payments figures. The Australian dollar eased to SNZI.2BIB/51 previously.