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26 Apr 2018 21:32
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  •   Home > News > Business

    NZ dollar slips in subdued holiday trading

    The NZ dollar eased slightly in Asian trading in holiday-thin markets after US President Donald Trump tweeted threats to North Korea.


    The New Zealand dollar eased slightly in Asian trading in holiday-thin markets after US President Donald Trump tweeted threats to North Korea on Wednesday.

    The kiwi traded at US70.83c as at 5pm in Wellington versus 71.03c late Tuesday.

    The kiwi has gained in recent sessions as the prices of raw materials have lifted commodity-linked currencies.

    Mike Shirley, senior FX dealer for Kiwibank said the New Zealand dollar may have "waned slightly on risk aversion/flight to safety following Trump's twitter comments regarding North Korea".

    He noted there was a similar theme in the Japanese yen, which strengthened against the US dollar as a safe-haven play.

    The "magnitude of the moves, however, was far less than we've seen in the past - in part because the market has simply become accustomed to these exchanges", he said.

    Among other things, Mr Trump tweeted "North Korean Leader Kim Jong Un just stated that the 'Nuclear Button is on his desk at all times.' Will someone from his depleted and food starved regime please inform him that I too have a Nuclear Button, but it is a much bigger & more powerful one than his, and my Button works!"

    Mr Shirley noted, however, that all moves are very marginal as many people are still on holiday.

    Looking ahead, he said the main event this week will be the US non-farm payrolls overnight Friday.

    The kiwi dollar fell to 52.09 British pence from 52.60 pence Tuesday. It traded at A90.63c from 91c Tuesday and declined to 58.78 euro cents from 59.14c. It fell to 79.57 yen from 80.02 yen and dropped to 4.6071 yuan from 4.6221 yuan.

    New Zealand's two-year swap rate was unchanged at 2.19 per cent while the 10-year swap rate rose 3 basis points to 3.16 per cent.


    NZN




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