NZ dollar holds above 79 US cents
Tue, 19 Jun 2012 9:29a.m.
The New Zealand dollar held above 79 US cents as leaders from the Group of 20 nations increased pressure on European Union policymakers to tackle the region's debt crisis threatening global growth.
The New Zealand dollar was little changed at 79.20 US cents just before 8am from 79.29 cents at 5pm on Monday.
The trade weighted index increased to 71.62 from 71.47.
G20 leaders meeting in a summit in Mexico are leaning on German Chancellor Angela Merkel to give Greece's incoming government more leeway under the regional bailout.
Greek elections reduced the immediate risk of a eurozone break-up, with pro-austerity parties New Democracy and Pasok securing 162 seats in the 300-seat parliament.
The G20's European concerns intensified as the yield on Spain's 10-year bond surged to a 13-year high 7.29 percent.
"How much will the G20 isolate Germany? It is increasingly setting its own austerity measures - the danger is that Germany is the paymaster of Europe," said Stuart Ive, currency strategist at HiFX.
"This has translated into a European downslide - we have seen a big fall in the euro."
The New Zealand dollar rose to 63 euro cents from 62.19 cents on Monday.
Ahead of the Reserve Bank of Australia releasing the minutes of its latest meeting, the New Zealand dollar was little changed at 78.29 Australian cents from 78.32 cents.
The kiwi slipped to 62.62 yen from 62.72 yen.
Post a Comment
Before commenting, please take the time to read our moderation guide
(Won't be published)
A high speed test has been launched in Moana, in the Lake Br...
Auckland, our biggest city, is forecast to grow by up to ano...
The Whakatane Beacon has joined the Ashburton Guardian and t...
The Govt says it's hypocritical of the Greens to criticise t...
The International Monetary Fund has called on Britain to do ...
Copyright © 2013 MediaWorks TV. All Rights Reserved.