You are using an older browser version. Please use a supported version for the best MSN experience.

NZ dollar gains vs Aussie, greenback

NZN 23/02/2017 Rebecca Howard

The New Zealand dollar rose against the Australian dollar on Thursday on the back of some weak business investment data across the Tasman and gained against the greenback.

The kiwi rose to A93.65c as at 5pm in Wellington from A93.22c at the start of the day and from 93.14c late Wednesday after figures showed Australian firms scaled back investment spending more sharply than expected in the fourth quarter, leading some economists to lower their forecasts for fourth-quarter economic growth.

"That helped the kiwi-Aussie cross, although it's not going anywhere fast," said Tim Kelleher, head of institutional foreign exchange sales for ASB Bank.

The kiwi rose to US72.01c from 71.64c late Wednesday.

The kiwi rose after the minutes of the Federal Open Market Committee's latest meeting showed officials were somewhat more dovish than some market participants had expected, especially given recent comments that indicated a rate hike in March was possible.

Mr Kelleher said the risk of a rate hike, however, remains to the upside given the Dow Jones Industrial Average keeps charting new records and economic data in the US is largely positive. The kiwi also got a lift Thursday morning after Fonterra maintained its milk payout forecast at $6 per kilogram of milk solids.

The kiwi rose to 57.82 British pence from 57.33 pence and traded at 68.14 euro cents from 67.94 cents. The kiwi rose to 81.55 yen from 81.29 yen to 4.9531 yuan from 4.9295 yuan.

image beaconimage beaconimage beacon