New Zealand Currency Shows Strength Versus Majors [NZD/USD], Wednesday, August 29, 2007 12:55:30 PM
The New Zealand currency showed strength against its counterpart in trading on Wednesday afternoon in New York. The New Zealand dollar moved with little economical news from the area. While the currency was strong in today`s trading, it has declined 19% from last month`s 21 year high against the yen.The New Zealand currency rose steadily against its American counterpart in trading on Wednesday afternoon. The kiwi advanced to a mark of 0.7026 in the early afternoon. The currencies remain within the range of the past month. Tomorrow, the US is set to announce CPI data as well as jobless claims.
In trading against the pound on Wednesday, the New Zealand currency saw some advancement in the afternoon action. The kiwi edged up to a mark of 2.87 by 12:30PM EST. The pair traded as the U.K. reported house prices in England and Wales recorded a monthly growth of 0.1% in July. This was the lowest growth rate since June 2006. Average house prices amounted to 181,460 pounds in July.
The New Zealand dollar showed strength versus its European counterpart in action on Wednesday afternoon. The kiwi rose steadily to a mark of 1.94 against the euro by 12:30PM EST. Generally, the New Zealand currency remains near its recent 11 month low against the euro.
Versus its Japanese counterpart, the New Zealand currency saw strength on Wednesday. By the early afternoon, the currency had advanced to a mark of 80.95 against the yen. Traders moved ahead of Japanese data due out later in the day regarding Retail Trade and Sales for July.
Clifford Bennett, chief economist at St. Helens Investors, told Bloomberg that, “The yen carry trade is over.” He stated, “There might be occasional bounces but the Australian and New Zealand dollars will continue to fall against the yen.”
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posted by Kalin Tasev @ 2:26 PM
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