NZ dollar touches record-high against euro
Mon, 09 Jul 2012 6:33p.m.
The New Zealand dollar touched a record-high against the euro as the region's finance ministers meet to discuss crisis-fighting measures adopted at June's Brussels summit.
The New Zealand dollar rose as high as 65.07 euro cents, the highest since the single currency entered circulation in 2002.
It traded at 64.77 cents at 5pm, little changed from 64.79 cents at the close of trading in New York on Friday.
The kiwi fell to 79.60 US cents from the close of New York and was little changed from 79.61 at 8am.
European finance ministers are doing their best to shore up global confidence by meeting to confirm details from last month's summit where heads of governments agreed to use the euro-zone's bailout fund to support Spain's bank sector.
"There is no real reason why you would want to hold euros over kiwis," said Chris Weston, market strategist at IG Markets.
"The kiwi and the aussie are still the stand out currencies that you want to hold on to in the risk space."
In the US, the world's largest economy, investors will be eyeing Wednesday's June Federal Open Market Committee minutes for fresh clues about whether the US central bank is prepared to consider additional steps to spur growth and employment.
"The general consensus is that we are going to get a quantitative easing package. The question is just when that will be," Mr Weston said.
The FOMC is set to meet again on August 1.
The New Zealand dollar was largely unchanged on 78.06 Australian cents from 77.93 cent at the close of New York trading and was little changed on 63.33 yen from 63.42 yen.
The kiwi remained relatively unchanged on 51.33 British pence from 51.37 pence.
The trade weighted index slipped back to 73.43 from 72.54.
Post a Comment
Before commenting, please take the time to read our moderation guide
(Won't be published)
A severe cold snap is expected to hit the South Island today...
ANZ says it's been targeted with a class action lawsuit beca...
It's summer blockbuster season in Hollywood, a critical time...
Airbus and Boeing have won pledges for big purchases of thei...
ANZ says it is surprised by claims its fees are unfair and w...
Copyright © 2013 MediaWorks TV. All Rights Reserved.