30 Oct 2009

NZ dollar heading upwards again

11:03 am on 30 October 2009

The New Zealand dollar is creeping back up following indications the United States economy is coming out of recession.

The kiwi fell on Thursday to around 72 US cents after the Reserve Bank held the cost of borrowing at 2.5%.

But it has since risen again to over 73.5 US cents.

After 12 months of decline, the US economy grew at an annual pace of 3.5% between July - September.

At 5.40am on Friday, the New Zealand dollar was trading at 73.37 US cents, 80.1 Australian cents, 44.22 pence, 66.98 yen and 0.4943 euro. The Trade Weighted Index was at 65.89.