New Zealand Dollar Trades Near Record as Commodities, Stocks Boost Demand

New Zealand?€™s dollar was 0.4 percent from a record high against the greenback after data showed

today China?€™s imports gained more than economists had expected, boosting prospects for the South Pacific nation?€™s exports. ?€€?€€The so-called kiwi headed for a weekly gain against all of its 16 major counterparts after the Reserve Bank of New Zealand said yesterday commodity prices remain ?€œvery strong?€ and interest rates will rise within two years. The Australian dollar rebounded from a two-week low versus the greenback as China?€™s trade data for May along with gains in commodities and stocks supported demand for currencies linked to growth. ?€€?€€?€œIt?€™s important to notice China?€™s imports are rising because it?€™s definitely a good sign,?€ said Thomas Harr, head of Asian foreign-exchange strategy at Standard Chartered Plc in Singapore. The data are ?€œmodestly positive for commodity currencies.?€ ?€€?€€New Zealand?€™s dollar traded at 82.66 U.S. cents at 1:46 p.m. in Sydney from 82.48 in New York yesterday, when it touched a record 83.02. It fetched 66.19 yen from 66.28. The kiwi was at NZ$1.2861 per Australian dollar from NZ$1.2883 yesterday, when it touched NZ$1.2809, the strongest since Jan. 28. ?€€?€€Australia?€™s dollar was at $1.0630 from $1.0627, after reaching $1.0563 yesterday, the weakest since May 26. The currency fell to 85.15 yen from 85.40. ?€€?€€China?€™s trade surplus rose to $13.05 billion in May from $11.42 billion in April, as imports increased 28.4 percent and exports gained 19.4 percent last month from a year earlier, the government reported today. Economists had forecast a 22 percent increase in imports.

Stocks, Commodities Rise

?€€?€€The MSCI Asia Pacific Index of regional shares gained 0.2 percent. The Reuters/Jefferies CRB Index of raw materials advanced 0.7 percent yesterday. ?€€?€€Rallies in commodities and equities helped the New Zealand dollar "catapult to new post-float highs,?€™?€™ David Croy, an interest-rate strategist at ANZ National Bank Ltd. in Wellington, wrote in a research note today. ?€œTentative speculators and importer demand should help subdue further moves to the upside today, however they can not be ruled out as bullish sentiment remains rife.?€ ?€€?€€The Reserve Bank of New Zealand yesterday left its official cash rate unchanged at a record-low 2.5 percent. Australia?€™s central bank kept the key rate at 4.75 percent on June 7 and said current policy settings are appropriate. ?€€?€€Ten-year Australian bond futures for June delivery were little changed at 94.810 on the Sydney Futures Exchange. The yield on Australia?€™s 10-year note was at 5.192 percent, according to data compiled by Bloomberg. ?€€?€€New Zealand?€™s two-year swap rate, a fixed payment made to receive floating rates, fell to 3.422 percent from 3.425 percent yesterday.

To contact the reporter on this story: Yoshiaki Nohara in Tokyo at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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Authors: Commodities - Yahoo! News Search Results

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