NZ dollar heads for 0.9% weekly gain on TWI after Greek vote 22 Jun 2012
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NZ dollar poised for 0.9% weekly gain on TWI after Greek vote, first-quarter GDP
By Paul McBeth
June 22 (BusinessDesk) - The New Zealand dollar is poised for a 0.9 percent gain on a weekly basis after Greece elected a government that will embrace tough austerity measures in exchange for a regional bail-out package.
The kiwi rose to 71.58 on the trade-weighted index from 70.93 last week, and was down from 71.92 yesterday. It was little changed at 78.69 US cents at 5pm from 78.65 cents at 8am and down from 79.69 cents yesterday.
The currency was bolstered by increased investor optimism Europe will address its ballooning indebtedness and better than expected first-quarter New Zealand growth. Some of that sentiment was eroded after the Federal Reserve didn't embark on a third round of quantitative easing, and after Moody's Investors Service downgraded 17 banks with significant exposure and risk of losses from capital markets.
"The trajectory of global growth should decide the path of the kiwi , overlaid with any Euro shocks," said Imre Speizer, market strategist at Westpac Banking. The kiwi's rally over the past month has probably ended, and it will fall to "74 US cents over the next two months," he said.
The kiwi dollar climbed 4.9 percent over the past month against the greenback, and 4.7 percent on a trade-weighted basis.
Four of five strategists surveyed by BusinessDesk on Monday expected the kiwi to gain this week.
Speizer said markets will be watching policy makers and central banks for their leads, with the the leaders of Italy, Germany, Spain and France set to discuss the region's issues ahead of a summit next week.
The New Zealand dollar fell to 62.76 euro cents from 62.87 cents yesterday and declined to 50.47 pence from 50.82 pence. It rose to 78.33 Australian cents from 78.24 cents yesterday, and decreased to 63.32 yen from 63.42 yen.
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