The New Zealand dollar rose against a broadly weaker yen after the Bank of Japan affirmed its commitment to its massive stimulus programme, highlighting the contrast to the US Federal Reserve intent on making its third interest rate hike this year.
The New Zealand dollar was trading at 83.04 as at 5pm today from 82.85 late on Friday in New York. It was little changed at US72.76c from US73.80c in New York.
Bank of Japan Governor Haruhiko Kuroda today reiterated in a speech at a quarterly meeting of the central bank's regional branch managers that the central bank is resolved to maintain its massive stimulus program until inflation is stable above its 2 per cent target, Reuters reported.
The trade-weighed index was at 78.21 versus 78.32 late Friday. The kiwi traded at A95.61c from A95.75c in New York on Friday, as the Australian dollar benefited from an uptick in the price of iron ore, Kelleher said. The kiwi was at 4.9482 yuan from 4.9512 yuan.
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The New Zealand dollar traded at 56.43p from 56.44p on Friday and 63.81c from 63.85c.
New Zealand's two-year swap rate rose 1 basis point to 2.32 per cent, and 10-year swaps rose 2 basis points to 3.42 per cent.