NZ dollar pushes back above US83c

NZPA

Monday 15th August 2011

The New Zealand dollar pushed back above US83c as shares in Europe and the United States rallied after a week of wild swings.

The kiwi moved from US82.09c against the US dollar at 5pm on Friday to push above US83c around 3.30am Saturday, and at 8am today it was buying US83.25c.

BNZ currency strategist Mike Burrowes said the NZ dollar had been dragged higher against the greenback as risk sentiment improved.

The kiwi also rallied against the Australian dollar, with interest rate differentials continuing to provide support for the cross.

At 8am today the NZ dollar was at A80.33c from A79.87c at 5pm on Friday. The kiwi was also up to 0.5837 euro from 0.5785, and lifted to 63.97 yen from 63.00. The trade weighted index lifted to 71.88 at 8am today from 71.17 at 5pm on Friday.

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