New Zealand dollar continues to gain value

New Zealand dollar continues to gain value

Story link: New Zealand dollar continues to gain value

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The New Zealand dollar was on the rise again on Thursday. Despite attempts earlier in the week and last week by the Reserve Bank of New Zealand to try to cool down the kiwi’s rise, there were no signs of intervention by the bank as the currency hit a 20-year high versus the yen and a 22-year high in relation to the US dollar. Analysts attribute the support for the New Zealand currency to continuing appetites for carry trades among investors, and some expect the Bank to intervene again soon. Not all of them believe, however, that such an intervention will do any good.

The New Zealand currency had added 0.3 percent to ¥94.10 by midday trade in New York, while it was 0.4 percent up on the greenback, to $0.7620. The yen was also lower against other currencies. It dropped 0.1 percent versus the US dollar, the euro and sterling to trade at ¥123.60 in relation to the greenback, while it was at ¥165.60 against the euro and at ¥246.10 versus sterling.

The US dollar remained steady against the euro and sterling, while it added 0.4 percent to C$1.0715 in relation to the Canadian dollar after retail sales data in Canada was not as robust as had been expected. In midday trade, the greenback sat at $1.9920 against sterling while it traded at $1.3400 versus the euro.

The Australian dollar saw advances during the day. It was 0.4 percent higher in relation to the US dollar, to $0.8465, while it had also added 0.4 percent to ¥104.62 versus the yen.