New Zealand Dollar Rangebound, Greece Remains Key Focus

 
  By Rebecca Howard 
 

        WELLINGTON, New Zealand--The New Zealand dollar remained under pressure but stuck to a tight range Tuesday as markets continued to look for a resolution to the Greek debt crisis.
        The New Zealand dollar was at US$0.6663 in late Wellington trading, compared with US$0.6680 late Monday. It was at 0.8900 Australian dollars versus A$0.8933 previously.
        The Kiwi dollar dipped slightly on news that domestic business confidence fell to its lowest level in nearly three years in the second quarter as the economic outlook loses lustre.
        A seasonally adjusted net 7% of firms now expect business conditions to improve over the next six months, down from 20% in the first quarter, the New Zealand Institute of Economic Research's Quarterly Survey of Business Opinion showed Tuesday.
        However, "it was hardly a surprise," said Western Union Business Solutions corporate dealing manager Chris Hunter
        The Kiwi dollar, like other yield currencies, is unlikely to see any relief until markets get some direction from European leaders, said Mr. Hunter. "We are looking for a resolution, but that may just be a pipe dream as things are looking grimmer and grimmer over there," he said.
        Markets will be focused on Tuesday's summit of eurozone leaders in Brussels as Greece and its creditors scramble to find a way to keep the country afloat after its emphatic rejection of tough bailout terms.
        Write to Rebecca Howard at rebecca.howard@wsj.com; @FarroHoward
        (END) Dow Jones Newswires

        July 07, 2015 01:19 ET (05:19 GMT)

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