The kiwi dollar rose to 63.39 euro cents overnight. Photo / File
The New Zealand dollar fell as better-than-expected US home prices and consumer confidence failed to lift optimism about global growth. Markets will be watching for Fonterra's annual results and merchandise trade data today.
The New Zealand dollar rallied as high as 82.77 US cents overnight, falling to 82.09 cents at
8am in Wellington, down from 82.29 cents yesterday at 5pm. The trade weighted index was little changed on 73.09 from 73.03.
US consumer confidence rose to a seven-month high of 70.3 in September, from 61.3 in August, showing consumers feel better about their chances of landing a job. The S&P/Case-Shiller index of property values in 20 US cities gained 1.2 per cent in July compared to the same month a year earlier, the biggest 12-month advance since August 2010. House prices rose 0.2 per cent in July from June.
Attempts to sell the US dollar "have mostly reverted as markets realise good US growth doesn't translate globally", strategists at ANZ Bank said.
Locally, Fonterra Cooperative Group will provide confirmation of the final 2011-12 milk price and dividend for dairy farmers this morning. In March, the world's biggest dairy exporter lowered its farmgate milk price by 15 cents to $6.35 a kilogram, citing the rising New Zealand dollar and declining global prices of commodities.
