2 Aug 2011

NZ dollar tipped to remain above 80 US cents

1:29 pm on 2 August 2011

ASB economist Chris Tennent Brown says the kiwi should trade above 80 US cents for the rest of the year, barring turmoil in the United States.

The kiwi has fallen about 1 cent US against the greenback in the last day, but is still at near record levels.

At 1.45pm on Tuesday, the New Zealand dollar was buying 87.58 US cents, 79.68 Australian cents, 53.68 pence, 68.55 yen and 0.6138 euro. The Trade Weighted Index was at 74.73.

Though prices for export commodities from New Zealand have fallen in recent weeks, Mr Tennent Brown says they still remain high and that's supporting the New Zealand dollar.