17 Apr 2015

NZD still on the up

2:39 pm on 17 April 2015

The New Zealand dollar has continued to climb amid rising concerns that Greece will default on its debt repayments, while fresh American housing data points to slower-than-expected economic growth in the United States.

New Zealand dollar

Photo: 123rf

The Kiwi soared to a a new post-float high of 0.7153 euro overnight, and came within a hair of breaking above US$0.77, before easing back this morning.

And it has also hit a new high against the Reserve Bank of New Zealand's recently revised trade weighted index -- at 80.06 points -- an increase of nearly 4 percent in just four weeks, or a whopping 7 percent since the beginnng of February.

The senior foreign exchange strategist at ANZ, Sam Tuck, said the New Zealand dollar is in hot demand, with illiquidity in the local market.

He said volatility would continue in the currency market, with the market looking ahead to United States inflation data, due for release, early tomorrow morning, local time.

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