NZ dollar holds near seven-week high
Mon, 25 Jun 2012 9:12a.m.
The New Zealand dollar held near a seven-week high as European leaders agreed to increase their efforts to boost the region's growth.
The New Zealand dollar was little changed on 78.90 US cents just before 8am from 78.95 cents at the close of trading in New York on Friday.
The trade weighted index was slightly firmer on 71.80 from 71.75.
At a summit in Rome over the weekend, German Chancellor Angela Merkel, Italian Prime Minister Mario Monti, French President Francois Hollande and Spanish Prime Minister Mariano Rajoy agreed to lobby for a European Union growth plan worth up to 130 billion euros as leaders search to find a way out of the three-year crisis.
Mrs Merkel, leader of the region's largest economy, continues to fight calls for rescue funds to be used to buy bonds of troubled nations.
"The chances are we are going to see a lot of political posturing this week," said Stuart Ive, currency strategist at HiFX.
"The details of the package, as per usual with the union, are lacking."
The New Zealand dollar rose to 78.49 Australian cents from 78.35 cents on Friday and firmed to 62.87 euro cents from 62.76 cents.
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