Monday, April 23, 2007

Kiwi Remains Weak Early Monday In New York, Monday, April 23, 2007 6:52:43 AM

The New Zealand dollar showed weakness early Monday in New York. This came amid a lack of data from the NZ economy. However, the Japanese and the Australian releases came out in the late Sunday hours are likely to have affected the deals.

The Standard & Poor upgraded Japan`s foreign and local currency long-term sovereign debt rating from ‘AA-‘ to ‘AA`. Australia`s producer price index remained unchanged in the first quarter from the prior quarter when the analysts were expecting the same to rise 0.6% sequentially.

The kiwi weakened heavily across the board as the deals entered the small hours on Monday in New York. This followed uncertain trends held by the NZ dollar against its major counterparts. The kiwi was losing ground at midnight.

However, at about 1:20 am ET, the NZ currency gained ground against the majors. While the Kiwi reversed only some of its losses versus the yen and the dollar, it bounced back remarkably against the euro and the Aussie.

Of late, the NZ dollar pairs are moving sideways.

The New Zealand dollar weakened against the US dollar early Monday in New York. The pair collected 0.7431 at 1:20 am ET before changing direction. At about 3:45 am ET, the pair weakened again and entered a sideways trend. As of 6:45 am ET, the kiwi was worth 0.7437 of a US dollar.

The New Zealand dollar held steady during the late hours on Sunday in New York. At about 11:30 pm ET the pair rallied from 1.8189, and it fetched 1.8294 at 1:20 am ET on Monday. The pair then dropped most of its gains, and started moving sideways. As of 6:45 am ET, the pair was worth 1.8235.

The New Zealand currency steadied lower against the Japanese yen around midnight, and the pair traded at 87.925 at 1:30 am on Monday. The kiwi then trended slightly higher but edged lower into a range at 3:45 am ET. As of 6:45 am ET, the pair was quoted at 88.19.

The New Zealand currency showed strength against the Aussie during the late Sunday deals, influenced by the Australian PPI data came out at 9:30 pm ET. At about 11:25 pm ET, the pair staged a sharp rally, and it fetched as high as 1.1242 at 1:20 am ET. The kiwi strengthened thereafter, and was quoted at 1.1199 against its Australian counterpart at 6:45 am ET.
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