The Kiwi gained vs. the greenback, recorded the highest level at 0.7833 in 4 months, as the investors returned to carry trades to the markets, pushing traders to buy high yielding currencies such as the New Zealand currency.
While the NZ dollar rose versus the Japanese yen as Asian stock market fueled, spurring demand for higher-yielding assets. The Kiwi has headed for a third weekly gain against the US dollar last week, on speculation Federal Reserve officials speaking today will reiterate the need to maintain stimulus measures to support the U.S. recovery.
Economic recovery in New Zealand has returned due to China’s demand for the nation’s commodity exports as well as the recovery in housing.
Before the beginning of the day, the New Zealand economy will issue REINZ housing price index for March, which increased by 2.3% to 3192.9 houses.
Originally posted here
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