Currency Alerts
11/30/2009 11:35 PM ET
(RTTNews) -
During early Asian deals on Tuesday, the New Zealand dollar climbed to a 5-day high against the European currency and the Japanese yen as a rally in most Asian stocks boosted demand for higher-yielding assets. The kiwi also edged higher against its U.S. and Australian counterparts.
The New Zealand's benchmark NZX-50 index is currently up 21.08 points or 0.67% at 3,146.60.
Against the US dollar, the New Zealand currency edged higher during early Asian deals on Tuesday. At 10:45 pm ET, the kiwi-dollar pair reached a high of 0.7192, compared to 0.7162 hit late New York Monday. The next upside target level for the pair is seen around 0.734.
The kiwi that closed Monday's North American session at 2.0972 against the European currency climbed to a 5-day high of 2.0892 at 10:45 pm ET. If the New Zealand currency gains further, 2.067 is seen as the next target level.
Against the Japanese yen, the New Zealand dollar traded higher during Tuesday's early Asian deals. At 10:45 pm ET, the kiwi-yen pair hit a 5-day high of 62.75, compared to Monday's closing value of 61.91. On the upside, 64.0 is seen as the next target level for the pair.
The Japanese yen staged a steep slide across the board on Tuesday morning in Asia after the Bank of Japan said it would hold an extraordinary policy meeting in the afternoon to discuss recent economic and financial developments.
The Bank of Japan will hold an emergency policy meeting today at 2:00 pm in Tokyo, the central bank said in a statement today and the Central Bank Governor Masaaki Shirakawa is reportedly brief the press conference at 4:30 PM.
The NZ dollar that closed Monday's New York deals at 1.2806 against the Australian currency rose to 1.2736 during today's early Asian deals. The aussie-kiwi pair is presently trading at 1.2741 with 1.269 seen as the next target level.
The Reserve Bank of Australia raised the overnight cash rate, its key interest rate, by 25 basis points to 3.75%, in line with expectations.
The central bank pointed out that the economic downturn was relatively mild in Australia, and that measures of confidence and business conditions suggested that the economy was in a gradual recovery.
In the European session today, the German October retail sales, euro-zone October unemployment rate and the final PMI reports from the major European economies for November are due for release.
From the U.S., the results of the manufacturing survey of the Institute for Supply Management, which are based on data compiled from purchasing and supply executives nationwide, are due out at 10 am ET. Economists expect the index to show a reading of 54.8 for November.
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