Kiwi hits high

Photo / 123rf
Photo / 123rf

The NZ dollar continued to hover at its highest level since mid-December against the greenback yesterday, as traders pushed down the value of the US currency following President-elect Trump's press conference.

The kiwi was trading at US70.77 cents at 5pm yesterday, from US70.60c at 8am and US69.97c on Wednesday. The trade-weighted index rose to 77.90 from 77.45 on Wednesday.

The conference was disappointing and weighed on the greenback even though Trump didn't say anything negative about the US dollar, said ASB's Tim Kelleher.

"The market has been very bearish in US bonds and extremely bullish on the US dollar and we are just seeing some unwinding of that," he said.

The kiwi was trading at A94.79c from A94.77c Wednesday. It traded at 57.94p from 57.46p and rose to 4.8896 yuan from to 4.8432 yuan. It dropped to 80.99 from 81.12. It was at 66.70c from 66.30c.

- BusinessDesk

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