currency,currency broker,currency change,currency chart,currency convert, currency conversion,currency day trade,currency dealing,currency e trading,currency exchange, currency foreign trading,currency forex trading,currency markets,currency rate May 16, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
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The New Zealand dollar swung in choppy trading today as markets considered the implications of the latest US Federal Reserve interest rate cut.
By 5pm, the kiwi was at US78.06c, up from US77.64c late yesterday afternoon. The currency continued to recover from yesterday’s three-month low of US77.25, hitting a session high of US78.50c before retreating.
“I think the market’s trying to digest what the Fed said — they (traders) were looking for them to be firm on inflationary expectations, but they’ve been a bit softer than what they expected,” a dealer said.
The kiwi had followed equity markets, which in turn were unsettled, and was pressured by a sell-off in the Australian dollar after a decline in building approvals across the Tasman.
The kiwi was a touch firmer against the Aussie at A83.16c from A83.10c yesterday afternoon, and it also made small gains against the euro and yen, pushing it to 69.61 on the trade weighted index from yesterday’s 69.34.
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