NZ dollar rises on Greek election outcome
Mon, 18 Jun 2012 9:34a.m.
The New Zealand dollar rose after Greece's New Democracy party topped the second round of elections, with the result likely to see the indebted nation stay in the euro-zone.
The New Zealand dollar rose to 78.88 US cents at 8am from 78.75 cents at the close of trading of New York on Friday and 78.30 cents at 5pm on Friday.
The trade weighted index increased to 71.18 from 70.91.
The Greek election results indicate the country's two traditional parties - New Democracy and Pasok - will have enough seats to form a coalition. Both have expressed a willingness to work with other European nations to stay in the euro-zone.
"It looks like a surprisingly peaceful resolution," said Mike Jones, market strategist at Bank of New Zealand.
"Markets have got the result they wanted and that is keeping risk appetite buoyant.
"The kiwi will continue to climb on the coat-tails of the euro - that mood will continue over the next few days."
The New Zealand dollar fell to 62.22 euro cents from 62.30 cents at the close of New York trading.
The kiwi rose to 78.13 Australian cents from 78.09 cents and to 62.17 yen from 61.97 yen.
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