Improvements Recorded in New Zealand Dollar
The New Zealand dollar improved as it was trading well late Wednesday, maintained by overnight news of a possible bailout for Greece and pushed by exporters. The kiwi dollar on Tuesday was nearly a cent up from US 68.54 cents at 5pm making it worth US69.44 cents.
Westpac markets strategist Imre Speizer said, "Reports of a plan to offer Greece loan guarantees undertaken within the European Union framework but led by Germany supported the New Zealand dollar overnight".
After accomplishing as high as A79.53 cents on Tuesday, the kiwi slipped against the Australian to a new level of A79.11 cents on Wednesday morning. And also New Zealand dollar gained slightly against the euro to 0.5038 from
0.5009 on Tuesday.
Speizer also added, "Kiwi would meet with strong resistance around US$0.7000. It wants to go up but its struggling to go above 70 (U. S.) cents".
Kiwi improved to 62.27 from 61.28 against Japanese Yen and to 44.23p from 43.93p on Tuesday opposed to the British pound and the trade weighted index increased to 64.27 from 63.74 the same day.
Addressing the Parliamentary Finance and Expenditure committee, Finance Minister Bill English said, "While New Zealand was pulling out of a sharp recession, the strong New Zealand dollar and Europe's fiscal woes remained key headwinds. The strong Kiwi made it a bit more difficult for an already weak export sector to get up and drive a recovery".
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