Kiwi touches six-year high against yen

The New Zealand dollar has touched a new six-year high against the yen as looming US payrolls figures kept Japan’s currency under pressure.

 
 

THE kiwi rose as high as 86.95 yen, trading at 86.92 yen at 5pm in Wellington from 86.37 yen on Tuesday. It traded at 82.82 US cents from 82.77 cents at 8am and up from 82.62 cents on Tuesday.

The yen has weakened ahead of the ADP private payrolls report in the US, a precursor to official government jobs figures on Friday in Washington.

The US Federal Reserve is keeping close tabs on the strength of the labour market as it weighs the pace of withdrawing its monetary stimulus. The minutes for the Fed’s December policy meeting will also come out on Wednesday in Washington.

“It’s a fairly quiet market – the US employment numbers this week will be the highlight,” said Alex Hill, head of dealing at HiFX in Auckland.

“It all depends on how the non-farm payrolls come out” for the kiwi, he said.

The kiwi dollar rose to 92.87 Australian cents at 5pm in Wellington from 92.50 cents on Tuesday, and increased to 60.84 euro cents from 60.63 cents.

The trade-weighted index advanced to 78.49 from 78.19.

 
 

 
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