Dollar on five month high on recovery signs

The New Zealand dollar rose to a new five-month high on optimism the global economy is reviving, giving investors more appetite for growth-linked assets such as the kiwi.

The New Zealand dollar rose as high as US83.53c, the highest since early September, and traded at US83.43c at 5pm yesterday, up from US82.35c on Wednesday.

The kiwi advanced after figures overnight showed manufacturing has picked up in the US, China and Europe. Locally, the ANZ Commodity Price Index was up 1.2 per cent.

The New Zealand dollar rose to €63.29c from €63c yesterday at 5pm. It rose to A77.61c from A77.54c and 52.62p from 52.25p. It increased to 63.53 yen from 62.75.

The trade-weighted index advanced to 73.07 from 72.50.

- BusinessDesk

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