$NZ slips, but recovers
PA Wellington The volume and volatility of New Zealand dollar trading led to about twothirds of the country’s foreign exchange dealing institutions filling their limits and pulling out of the market yesterday. The kiwi finished firmer at $U50.5365/80, compared with its $U50.5340/55 opening. Dealers said the local currency started reasonably well bid after recovering overnight in London to $U50.5335/50 from Thursday’s fall, which saw it slip as low as $U552.45c. But then the same overseas selling interests from Thursday re-em-erged and the kiwi fell to SUSS2.9Oc. At US53c it attracted
exporter covering, which intensified over the lunch period. Because the market had traded such high volumes of New Zealand dollars on Thursday and yesterday morning — and with settlement for kiwi-US dollar spot deals a day late because of next Monday’s American holiday — several merchant banks had filled up their foreign exchange trading limits by early yesterday afternoon. This left only four or five banks trading, dealers said, and the kiwi finned. The value of the New Zealand dollar yesterday morning, compared with its value immediately before it was floated in March, was: March 1 Feb 14 U.S. 44c 52.5 c Sterling 41.15 p 37.06 p
The selling rates are those quoted by the Bank of New Zealand.
in New York the American dollar closed sharply lower, battered by a wave of selling that flowed from Asia to Europe to the United States. The dollar ended at 181.95/
05 yen, its lowest level since November 1978, down from. 186.40/50. The dollar’s almost 4.5 yen fall was its biggest one-day drop in recent memcry. However, the dollar stabilised in European trading, partly in response to the comment of the West German. Finance Minister, Mr Gerhard Stoltenberg, that Germany had no interest in seeing the dollar fall further. The dollar closed at 2.3485/95 marks, down sharply from Wednesday’s finish of 2.3630/40.
Canada 61.2c 73.9c France 4.49fr 3.77fr H.K. $3.43 $4.09 Japan 114yen 96yen Nethlnds 1.66g 1.39g S’pore 99c $1.12 Switz. 1.26fr 1.02fr Germany 1.47dm 1.23dm Aust 62.4c 77.3c
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Press, 15 February 1986, Page 24
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339$NZ slips, but recovers Press, 15 February 1986, Page 24
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