NZ dollar holds near 81 US cents
Wed, 01 Aug 2012 9:13a.m.
The New Zealand dollar held near a three-month high amid speculation policymakers from the European Central Bank and the Federal Reserve will announce additional policy measures to shore up the global economy.
The New Zealand dollar rose as high as 81.19 US cents overnight. It traded at 80.83 cents just before 8am little changed from 80.99 cents on Tuesday at 5pm.
The trade weighted index was largely unchanged at 72.85 from 72.93.
The Fed's two-day meeting began on Tuesday in Washington DC, and follows government figures showing US consumer spending stagnated in June. That's supporting bets chairman Ben Bernanke will be forced to add more stimulus to the world's largest economy.
European policymakers will meet on Wednesday in Frankfurt. Last week, ECB president Mario Draghi pledged to do whatever it takes to preserve the single currency.
"The only show in town this week is the ECB and FOMC," said Alex Sinton, senior dealer at ANZ New Zealand.
"It's not the job of central banks to bail out fiscally irresponsible governments, but that appears to be what markets are hoping for."
The kiwi was little changed at 76.99 Australian cents from 76.92 cents on Tuesday at 5pm. It fell to 65.75 euro cents from 65.96 cents and to 63.11 yen from 63.35 yen.
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