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Kiwi holds up as Greece cuts debt deal

Friday 10 Feb 2012 9:22a.m.

Kiwi holds up as Greece cuts debt deal

The New Zealand dollar held near a five-month high against the greenback as Greek leaders finally agreed measures to secure a new rescue package and avoid defaulting on debt.

The New Zealand dollar was little changed at 83.43 US cents at 8am from 83.40 cents at 5pm yesterday. The kiwi slipped to 62.76 euro cents from 62.88 cents.

Investors were finally given some certainty about Europe's sovereign debt crisis after Greek political leaders clinched a long-stalled deal with private creditors to secure a second bailout package and avoid missing debt repayments, according to a statement from the Greek Prime Minister's press office.

European Union officials and the International Monetary Fund have been frustrated by a string of broken promises as Greece faces a 14.5 billion-euro bond payment on March 20.

"It's 1 percent solution and 99 percent implementation - it's still a long road to go," said Alex Sinton, senior dealer at ANZ New Zealand.

"It leaves the New Zealand dollar directionless in terms of the Greek headlines but there is still an underlying demand for the kiwi."

The New Zealand dollar fell to 77.26 Australian cents from 77.35 cents yesterday.

The kiwi rose to 64.74 yen from 64.32, having hit a five-month high 64.85 yen amid growing expectations the world's third biggest economy is facing its first current account deficit in more than 30 years.

The trade-weighted index was down to 73.04 from 73.12.


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