Kiwi Rallies Across The Board
Posted on 26. Mar, 2007 by admin in Forex News
Reversing the late Sunday losses, the New Zealand dollar rallied against its major counterparts through the early morning deals on Monday in New York.
On Sunday, an hour before the New Zealand February trade balance data, which was scheduled to be released at 6:45 pm ET, the kiwi spiked lower across the board but rebounded soon after. However, following the release, the New Zealand dollar weakened against the major currencies. New Zealand trade deficit for February stood at NZ$127 million or 4.5% of exports according to the Statistics New Zealand release.
A couple hours after midnight, the New Zealand currency gained ground and rallied across the board. This helped the kiwi fetch a one-month high against the euro and the yen. Towards the end of the European session, against the sterling and the buck, the New Zealand dollar traded near its Friday late morning quotes.
Against the greenback, the NZ dollar staged a rally early Monday in New York. The pair was range-bound around midnight and it gained the momentum when it was worth 0.7096. As of 8:30 am Eastern Time, the kiwi was quoted at 0.7140 of a buck. This equaled the Friday’s late morning level of the pair.
The kiwi held steady with the European currency around midnight. At about 2:00 am Eastern Time, the New Zealand dollar gained ground against the euro and from 1.8699, the pair weakened to 1.8581 by about 8:30 am Eastern Time. This is a one-month high for the New Zealand currency.
The New Zealand dollar moved in tight range against the British currency around midnight and this was lasted until about 2:00 am ET on Monday. The kiwi then rallied against the sterling and entered a narrow range by about 5:30 am Eastern Time. Against the session’s high of 2.7663, hit at 1:45 am, the pair is now trading near 2.7482.
Against the Japanese yen, the New Zealand dollar steadied higher through the Monday’s European session. The pair moved out of the midnight range at about 1:45 am ET on Monday and from 83.675, it rallied. As of 8:25 am Eastern Time, the kiwi was quoted at 84.53. This is a one-month high for the New Zealand currency against the yen.
