The New Zealand dollar posted modest gains against most major currencies overnight as risk sentiment tipped towards the positive, but may fall later if retail sales numbers disappoint.
The kiwi recently traded at US81.90 cents, up from US81.65c at 5pm yesterday, having spent much of the session in a well established range. Meanwhile on the Trade Weighted Index of major trading partners? currencies it rose to 73.35 from 73.22.
Global equity markets ? the broad proxy for risk sentiment ? rose after signs from Europe suggested Greece is likely to receive its next tranche of bailout funds, Spain appeared closer to asking for a bailout, and Home Depot?s earnings beat estimates.
On Wall Street, the Standard & Poor?s 500 Index rose 0.3 per cent in afternoon trade to 1384.66, while in Europe, the Stoxx 600 Index closed 0.4 per cent higher at 270.60.
On the day the kiwi is likely to take its steer from quarterly retail sales data, which is due mid-morning.
Economists are betting total consumer spending rose 0.5 per cent in the three months ending September 30, according to a Reuters poll. That?s down from a 1.3 per cent gain seen in the second quarter of this year.
?New Zealand?s third quarter retail sales risks disappointing and could affect the New Zealand dollar,? said Imre Speizer, a market strategist at Westpac.
On the crosses, the New Zealand dollar recently traded at 78.46 Australian cents, little changed from A78.43c at 5pm yesterday, and it rose to 65.04 yen from 64.71 yen. The kiwi opened at 64.46 euro cents, up from 64.35 euro cents, and it rose to 51.59 pence from 51.45p.
Speizer said the kiwi?s two day streak of gains is likely to be capped at US82.40c, before heading down to US81.25c.
- ? Fairfax NZ News
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