MARKET OPEN: NZ dollar hits 2020 high as greenback slumps

Mon, 31 Aug 2020

The kiwi dollar hit its highest level this year against a sharply weaker greenback, once again highlighting it is at the mercy of global forces. The New Zealand dollar was trading at 67.15 US cents at 8am in Wellington versus 66.62 at 5pm on Friday. It touched 67.45 early Saturday, the highest for 2020. The greenback didn’t move much in the aftermath of US Federal Reserve chairman Jerome Powell’s speech but it “played catch-up on Friday night,” Bank of New Zealand interest rate strategist Nick Smyth said. “The market is adjusting to t...

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