NZ dollar rises to month-high against euro
Kiwi touched 61.77 euro cents.
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The New Zealand dollar rose to a month high against the euro after comments by European Central Bank president Mario Draghi stoked expectations the bank may add more stimulus to boost the regional economy.
The kiwi touched 61.77 euro cents, and was trading at 61.58 cents at 8am in Wellington, from 61.46 cents at 5pm on Friday. The local currency slipped to 65.56USc from 65.63USc at the New York close and 65.87USc cents on Friday in Wellington after New York Federal Reserve head William Dudley reiterated comments from other Fed officials that the US should "soon" be ready to raise interest rates.
The euro tumbled after ECB chief Draghi suggested on Friday that the bank would do whatever it takes to raise inflation as fast as possible. That stoked speculation the ECB may expand its quantitative easing programme at its meeting next month.
Noting Mr Draghi's comments,"Bank of New Zealand senior market strategist Kymberly Martin said in a note: "The euro declined, as an expansion of ECB easing at the Bank's Dec meeting looks likely."
In New Zealand today, October tourism and migration data is scheduled for release at 10:45am, with analysts keen to see if record migration is near its peak.
The New Zealand dollar weakened to 90.53Ac from 91.47Ac on Friday, advanced to 43.16 British pence from 43.09 pence, slipped to 80.47 yen from 80.97 yen, and dropped to 4.1850 yuan from 4.2029 yuan. The trade-weighted index was at 71.30 from 71.36 on Friday.
(BusinessDesk)
Tina Morrison
Mon, 23 Nov 2015
Mon, 23 Nov 2015
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NZ dollar rises to month-high against euro
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