THE New Zealand Dollar started the week on a three month high against the US Dollar, this after positive readings posted by the US Payrolls.
The Kiwi continued to strengthen around 0.8220 to the US Dollar, awaiting the highly anticipated unemployment reading which was due to be released on Thursday.
Wednesday saw the Kiwi weaken slightly, opening at 0.8196 to the US Dollar. In comments made overnight; New Zealand’s Prime Minister John Key, indicated that the Nation’s currency had some room to fall as the Dollar had taken some pressure off of the RBNZ. The Kiwi ended the day slightly weaker to the US Dollar at 0.8151.
Thursday saw the Kiwi trading relatively flat despite global equities which had continued their impressive run overnight. Further disappointing data released from the Eurozone, had an impact on the Kiwi breaking the 82 US cents level. As a result the Kiwi lost 0.3 percent to 81.33 U.S. cents after weakening 0.5 percent over the previous two days. It declined 0.1 percent to 63.85 yen.
News of the unemployment rate falling 0.1 percent on Friday saw the Kiwi being sold off in early morning trade. “This is very negative for the New Zealand dollar,” said Imre Speizer, a strategist in Auckland at Westpac Banking Corp. (WBC) “The kiwi was already in the process of starting to correct downward over the past two days, so this will accelerate this downward correction.”
The New Zealand dollar started the week weaker against other major currencies and declined by 0.3 percent to 81.09 U.S. cents.
NZD/ GBP: 0.5057
NZD/ EUR: 0.6443
NZD/ USD: 0.7925
NZD/ JPY: 62.0137
Exchange rates as of 09:05 , 13 August 2012
Composed by Ruth Laatz-Reineke
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