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Kiwi gains as traders await Jackson Hole

NZ NewswireNZ Newswire 24/08/2016 Paul McBeth

The New Zealand dollar has risen above US73 cents as traders wait to see what Federal Reserve chairwoman Janet Yellen has to say at this weekend's central banker symposium in Jackson Hole, Wyoming.

The kiwi rose to US73.05c at 8am on Thursday in Wellington from US72.79c on Wednesday.

The trade-weighted index advanced to 77.46 from 77.16.

Currency markets are subdued as investors wait to see what's in store at the central banker symposium after Fed vice chairman Stanley Fischer signalled in a speech last weekend that a 2016 rate hike was still under consideration and that measures of employment and productivity in the US economy were close to meeting the central bank's goals.

Ms Yellen will deliver a speech at the event and if she leans toward an earlier rate hike that would be seen as supporting the greenback.

"The market remains very much in wait-and-see mode ahead of this weekend's Jackson Hole gathering, where Fed chair Yellen is scheduled to speak," BNZ market strategist Kymberly Martin said in a note.

"The NZD/USD pushed higher last evening after trading sideways for much of yesterday. However, it again found resistance at range highs approaching 0.7340."

On Thursday morning, the kiwi rose to 95.94 Australian cents from A95.69c on Wednesday and increased to 4.8597 Chinese yuan from 4.8458 yuan. It rose to 64.79 euro cents from 64.45 cents and was little changed at 55.17 British pence from 55.24p. The kiwi increased to 73.35 yen from 73.13 yen.

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