New Zealand Dollar Down Late As Greece Optimism Wanes

 
   By Lucy Craymer 
 

        WELLINGTON, New Zealand--The New Zealand dollar remained under pressure against the U.S. dollar as optimism over a new bailout deal for Greece deal waned and Fed Chairwoman Janet Yellen's speech over the weekend failed to deliver any material surprises.
        Bank of New Zealand currency strategist Raiko Shareef said that New Zealand dollar had come off early against the U.S. dollar following a dip in the euro as optimism around a Greek deal that had built up Friday faded.
        A statement prepared by the currency union's finance ministers ahead of Sunday's summit and seen by The Wall Street Journal said negotiations on a new rescue could only start once the Parliament in Athens had passed pension overhauls and sales-tax increases, along with further financial-policy measures.
        Furthermore, Mr Shareef said that Ms. Yellen's closely-watched speech early Saturday morning saw her keep to now well-known themes, including scepticism that the labour market is truly as healthy as a 5.3% unemployment rate implies, and that a tightening cycle could still be initiated by year-end. Her comments provide some support for the U.S. dollar.
        The Kiwi was at US$0.6733 in late Wellington trading, compared with US$0.6763 late Friday.
        ANZ noted that while the stabilization in the Chinese stock market had eased some of the risks facing the New Zealand dollar, June trade data and second quarter growth data ensured that China "remains at the forefront for New Zealand dollar valuation."
        The New Zealand dollar was at 0.9056 Australian dollars versus A$0.9034 previously.
        Write to Lucy Craymer at lucy.craymer@wsj.com, @lucy_craymer
        (END) Dow Jones Newswires

        July 13, 2015 00:46 ET (04:46 GMT)

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