NZ Dollar topped US77c

Posted June 29th, 2007 by Dr James Pratt

Since being floated 22 years ago the New Zealand dollar has topped US77c against the greenback.

The kiwi moved through the level early today, peaking around 5am at US77.11c, according to Reuters data, then easing to be around US76.90c by 8am. It was the third time this week the kiwi hit a post-float high.

The New Zealand currency had risen from a one-week low at 6am yesterday when it sat below US75.75c.

The NZ dollar showed a similar pattern against the euro, climbing from around 0.5630 early yesterday to a near 17-month high of 0.5730 today.

Similarly with the yen, the kiwi climbed from its lowest level in 1½ weeks around 92.60 early yesterday to peak at 94.87.

The pattern against the Australian dollar was somewhat different, with the kiwi having generally trended upwards against its trans-Tasman counterpart for the past three weeks.

It peaked above A91c at mid-morning yesterday for the first time since February 2006 and made a few other brief forays above that level since, the latest around 3am.

By 8am the NZ dollar was buying around A90.90c, barely changed from its level at 5pm yesterday.

The trade weighted index was at 74.79 at 8am today from 74.40 at 5pm yesterday, having also hit a post-float high early today, of 74.86.

The ANZ bank today said buyers had emerged to take advantage of a short-lived unwind in the carry trade – in which investors borrow low interest currencies to invest in higher yielding assets.

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