New Zealand Dollar remains Steady Late Monday as Festive Season Hits Volumes
With New Zealand and Australia having short weeks and Japan on holiday the New Zealand dollar remains steady. In late trading in Wellington the unit was at US$0.8194 from US$0.8203 late on Friday. Against the Australian dollar it was at A$0.9180 from A$0.9246.
ANZ said in a note that the currency managed to hold up against the U. S. dollar overnight on Friday even as third-quarter growth was upgraded.
However, it said, as the U. S. economy is strengthening quickly it is likely the New Zealand dollar will lose ground because the country's economic growth is already priced in.
Chris Hunter, corporate dealing manager, Western Union Business Solutions said overnight there are a number of second-tier data releases including personal spending and the University of Michigan Consumer Sentiment Survey. There was little around to move the market considerably and it is likely the New Zealand dollar will now float through the holiday season.
The New Zealand dollar dropped to its lowest in more than a week against the Australian dollar on expectations the divergent paths of the two economies is already priced into their respective currencies.
The Kiwi touched a low of 91.62 Australian cents over the weekend and was trading at 91.89 cents at 8am in Wellington from 92.45 cents on Friday.
It was changed a little at 82.02 US cents, from 82.07 cents at close in Wellington on Friday even after upgraded US third-quarter growth.
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