The New Zealand holds below 71 US cent ahead of tomorrow’s expected election announcement
The New Zealand dollar continued to hold below 71 US cent as traders await tomorrow’s deadline from New Zealand First leader Winston Peters to announce which party he’ll pick to form a government with.
The New Zealand dollar traded at 70.68 US cents at 5pm in Wellington from 70.70 cents at 8am and 70.75 cents yesterday. The trade-weighted index fell to 74.64 from 74.86 yesterday.
The kiwi tumbled almost half a cent when trading opened on Monday after special votes counted on Saturday resulted in Labour and the Green parties each taking a seat from National.
OMF Senior Dealer Foreign Exchange Martin Rudings said: “If it’s a National-led government, you’ll see relief rally in the kiwi, albeit short-lived, and if it’s a Labour-led coalition, that’ll bring uncertainty and you’ll probably have the kiwi go significant lower.”
Martin said local figures today showed that flat retail spending on electronic cards in September, didn’t have a major bearing on the kiwi dollar.
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Kiwi holds below 71 US cent
NZ dollar to drop by 1.5% this week
The New Zealand dollar traded at 70.68 US cents at 5pm in Wellington from 70.70 cents at 8am and 70.75 cents yesterday. The trade-weighted index fell to 74.64 from 74.86 yesterday.
The kiwi tumbled almost half a cent when trading opened on Monday after special votes counted on Saturday resulted in Labour and the Green parties each taking a seat from National.
OMF Senior Dealer Foreign Exchange Martin Rudings said: “If it’s a National-led government, you’ll see relief rally in the kiwi, albeit short-lived, and if it’s a Labour-led coalition, that’ll bring uncertainty and you’ll probably have the kiwi go significant lower.”
Martin said local figures today showed that flat retail spending on electronic cards in September, didn’t have a major bearing on the kiwi dollar.
Related stories:
Kiwi holds below 71 US cent
NZ dollar to drop by 1.5% this week
