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24 Nov 2017 21:59
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  •   Home > News > Business

    Dollar unwinds some gains against Aussie

    The kiwi unwound Thursday's gains against the Australian dollar but still ended the week higher.


    The New Zealand dollar unwound Thursday's gains against the Australian dollar but still ended the week higher, despite improving iron ore prices giving the Aussie a boost.

    The kiwi was trading at A92.97c at 5pm from 93.70c Thursday and 92.28c late Friday a week ago in New York.

    Against the greenback, it fell over the week to US70.01c from 69.97c.

    The kiwi gained strongly on Thursday against both the Aussie and the greenback on news that consumer prices rose at their fastest annual pace since the September 2011 quarter in the first three months of 2017.

    This solidified market expectations the central bank will lift rates sooner than it's forecasting.

    Market pricing Friday continued to point to a rate hike next March, well ahead of the RBNZ's forecast mid-2019.

    The kiwi opened weaker after Dallas Federal Reserve president Robert Kaplan affirmed his view that the US central bank will lift rates another two times this year, stoking demand for the greenback.

    Mark Johnson, a senior foreign exchange dealer at OMF in Wellington, said iron ore "had a good bounce overnight, which gave the Aussie a lift and the bit of a rebound in the Aussie may have dragged us down a bit", although the kiwi was supported at A92.8c.

    Both the Aussie and the kiwi will likely be pushed around by French presidential election news this weekend, in particular after a shooting on the Champs-Elysees boulevard, in which one policeman was killed.

    Markets were cheered by polls that indicate centrist candidate Emmanuel Macron is set to come out on top in the first round of voting.

    The kiwi slipped to 65.34 euro cents from 65.58 cents and fell to 54.72 British pence from 54.93 pence. The kiwi eased to 76.48 yen from 76.65 yen and fell to 4.8166 from 4.8439 yuan.


    NZN




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