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New Zealand Dollar Recovers Some Early-week Losses

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New Zealand Dollar Recovers Some Early-week Losses

By Forex
The New Zealand stopped some of the bleeding Wednesday as it managed to hold against the dollar and pound, and even gain on a waning yen and aussie buck. Traders considered weak economic data out of Tokyo and are waiting for tomorrow's visitor arrival figures due out of Wellington.

The New Zealand dollar showed some life against the US dollar Wednesday as it fell slightly before rising throughout much of the day. At midnight the kiwi exchanged at 0.7475 and after general uncertainty the kiwi traded at 0.7496 by 4:00pm ET. Despite today's gains the NZ dollar is just 24 hours off a 2-week low versus the greenback. The kiwi fell against the euro Wednesday in a choppy decline. The kiwi was at 1.894 versus the euro at midnight, and just before 4pm in New York it had fallen to 1.887.

Against the pound, the kiwi traded even after 16 hours of dealing in New York Wednesday. As of 4:00pm ET the kiwi traded at 2.71, largely unchanged from midnight.

The kiwi advanced on the yen and aussie in uncertain dealing Wednesday. As of 4:00pm ET the kiwi exchanged at 87.58 versus the yen, up from 86.98 at midnight; Against the Aussie, the kiwi advanced in choppy trading to 1.1843 up from 1.1890 at midnight.

Figures on tourism is expected out of New Zealand tomorrow that usually would not be all that significant, could help slow the recent decline of the kiwi dollar. However, many analysts expect the figure to be lower than last months 3.8% because of the historically expensive NZ dollar of late. Tourism accounts for 10 percent of the NZ GDP.

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