Kiwi hits highs against major currencies

The New Zealand Dollar rallied to a week-long high against other major currencies as tensions in Ukraine eased.

 
 

Kiwi hits highs against major currencies

Investors took advantage of the overnight gains, as Wall Street stocks spurred demand for risk-sensitive currencies like the Kiwi.  This risk-on environment bolstered the performance of commodity currencies like the Kiwi and Aussie.

The Kiwi’s gains are underpinned by expectations that Ukraine will attract international aid after lawmakers ousted President Viktor Yankovych. These expectations are underpinned by the Eurozone’s revision of its inflation prospects, as well as Germany’s business confidence index (which has performed at its strongest level in two and a half years).

Further north, the Kiwi rose to a three-month high against the Chinese Yuan after speculation that the Bank of China would end its steady appreciation ahead of a possible widening of the band. In the week ahead, investors will await confirmation of this announcement.

NZD/ GBP 0.5011

NZD/ EUR: 0.6068

NZD/ USD:  0.8338

NZD/ JPY: 85.42

Exchange rates as of 11:04, 25 February 2014

Composed by Monique Chapman

:: Note: The above exchange rates are based on “interbank” rates.
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