New Zealand Dollar Remains in Favor

 
   By Rebecca Howard 
 

        WELLINGTON--The New Zealand dollar was trading higher late Monday, supported by yield demand.
        In Wellington trading, the New Zealand dollar was at US$0.7761 versus US$0.7726 late Wednesday. New Zealand markets were closed Thursday and Friday. It was at A$0.9547 compared with A$0.9522 late Wednesday.
        Trading remained extremely quiet as the end of the year approaches but the Kiwi remains in favor, said ANZ Senior Trader Alex Sinton. He noted, however, the U.S. dollar is finishing the year strongly and will be looking for further gains in 2015.
        Michael Judge, manager for corporate clients at OzForex, noted investors have continued to push the Kiwi to a near decade high against the Aussie. The Kiwi touched A$0.9568 on Boxing Day, its highest level since 2005.
        "With liquidity levels still yet to normalise, investors have continued to speculate that the NZD/AUD may be headed to parity during 1Q 2015, said Mr. Judge.
        With no major macro developments expected over the next 24 hours, investors are now looking towards China's HSBC Final manufacturing PMI reading on Tuesday for direction, said Mr. Judge.
        Write to Rebecca Howard at rebecca.howard@wsj.com
        (END) Dow Jones Newswires

        December 28, 2014 23:20 ET (04:20 GMT)

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