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Kiwi recovers as Italian govt sworn in

Thursday 17 Nov 2011 10:17 a.m.

The crisis Government was installed to replace Silvio Berlusconi's administration

The crisis Government was installed to replace Silvio Berlusconi's administration

The New Zealand dollar climbed from a six-week low after the swearing in of Italy's new technocrat Government to help tackle the European debt crisis.

The kiwi dollar was at 77.03 US cents just before 8am, up from 76.64 US cents at 5pm on Wednesday. It touched a fresh low of 76.29 cents during the New York trading session.

Former European Central Bank deputy head Mario Monti will head up the new Italian government and also hold the finance portfolio. The crisis Government was installed to replace Silvio Berlusconi's administration, which oversaw a blow-out in public debt that spooked market investors.

The new Italian Government will work to win back market confidence as Italy works to refinance bonds that equate to about a quarter of the nation's gross domestic product.

"The market is taking a breather after the confirmation in Europe over night. It has just settled the market a little," said Kymberly Martin, market strategist at Bank of New Zealand.

"In the currency markets there has been some consolidation" which saw the kiwi recover some of its losses, she said.

The kiwi dollar rose to 77.03 Australian cents from 76.64 on Wednesday having touched a fresh five-month low, and rose 59.19 yen from 59.06 yen. It was little changed at 56.89 euro cents from 56.95.

The trade weighted index was at 67.97, up from 67.84.

NZN

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