12 Nov 2014

Dollar untroubled by central bank comments

6:09 pm on 12 November 2014

The New Zealand dollar was little changed from this morning, despite the Reserve Bank reiterating that it is unjustified and unsustainable at current levels.

ANZ senior foreign exchange strategist Sam Tuck said the currency moved mostly against the Japanese yen, while the central bank's financial stability report issued this morning had relatively little impact.

At 5.20pm today, the New Zealand dollar was trading at 78.19 US cents, 90.04 Australian, 49.14 British pence, 0.6271 euro, 90.49 yen and 4.79 renminbi.

The New Zealand sharemarket was little changed, with the benchmark Top 50 Index down three points to 5488 at the close.

However, it managed to break another intraday record of 5507 points.

The director of wealth management at Murray & Co, Johnny Cochrane, said the market was mixed with some profit-taking following its record-setting streak.

Kiwi Income Properties rose 2 cents to $1.22, Z Energy was up 9 cents to $4.25 and Vector gained 5 cents to $2.79.

Genesis Energy fell 6 cents to $2.13, Meridian Energy was down 4.5 cents to $1.73 and Contact Energay was 9 cents lower at $6.37.

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