The New Zealand dollar rose as investors fled the euro, with Greek and European Union officials meeting to discuss decisions made between private bondholders on how to lower the nation's borrowing costs.
The New Zealand dollar was trading at 62.47 euro cents at 8.30 a.m., up from 61.83 cents on
Friday at 5pm. It was at 80.48 US cents, up from 80.13.
Investors are waiting to hear the final outcome of talks between Greece and private creditors, with progress reportedly starting to take shape over the weekend. Greece must strike a deal with bondholders to finance a 14.5 billion euro bond payment on March 20 or risk default, potentially triggering its exit from the euro.
Talks broke down between private creditors in Athens as Greek officials met to consult with European Union representatives, Bloomberg reported.
"Certainly as far as the kiwi goes, it is pain sailing," said Tim Kelleher, head of institutional FX sales at ASB Institutional.
