The New Zealand dollar had a bouncy night, but in the end opened close to where it ended on local trading yesterday evening.
At 8am the kiwi was buying US59.24c, having ranged between about US58.15c and US59.75c during the night. BNZ currency strategist Danica Hampton said that on one hand, economic data overnight had painted a bleak picture of global growth.
On the other hand, demand for growth sensitive currencies had been bolstered by hopes a slew of interest rate cuts would help prevent a deep and prolonged global recession.
A strong surge in the Australian dollar against the greenback during the New York session had dragged the NZ dollar back above US59.50c.
Earlier the kiwi had slipped to around US58.20c as the euro and sterling had heavy losses against the United States currency.
Speculation about today's interest rate decision by the Reserve Bank of Australia, due at 4.30pm NZT, had kept the game interesting, Ms Hampton said.
The NZ dollar strengthened against the aussie overnight to be at A87.94c by 8am from A86.90c at 5pm yesterday.
The kiwi also rose against the European currency to 0.4693 euro by the local open from 0.4610, while against the yen it slipped to 58.63 from 58.85.
The trade weighted index was 60.08 at 8am from 59.58.
Reuters currency rates (8am today - 5pm yesterday):
NZ dlr/US dlr US59.24c - US59.27c
NZ dlr/Aust dlr A87.94c - A86.90c
NZ dlr/euro 0.4693 - 0.4610
NZ dlr/yen 58.63 - 58.85
NZ dlr/stg 37.48p - 36.39p
NZ TWI 60.08 - 59.58
Australian dollar US67.38c - US68.15c
Euro/US dollar 1.2626 - 1.2861
US dollar/yen 98.89 - 99.33
www.stuff.co.nz
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