Kiwi Gains On Other Majors, Wednesday, June 13, 2007 5:08:03 PM

The New Zealand dollar was generally strong against the major currencies on Wednesday in New York. The kiwi climbed away from its lowest level in a week against the greenback and also gained on the euro. It was range-bound with the sterling. Meanwhile, developments in the New Zealand dairy sector may pose some challenges for monetary policy, the central bank Governor Alan Bollard said Tuesday in a speech to an agribusiness club called the Waikato Grasshoppers.

The New Zealand dollar climbed off of a nine-day low against the greenback on Wednesday in New York. The kiwi fell as low as 0.7455 at 6 a.m. ET, but climbed sharply for the next four hours. It trended up further in the afternoon. It was at 0.7516 at 4:45 p.m. ET.

The New Zealand dollar gained on the euro on Wednesday in New York amid choppy trading. The kiwi fell in the early morning and eventually hit a daily low at around 6 a.m. However, from there the New Zealand currency climbed sharply for about two hours. It settled into a range near that mark into the late afternoon.

The kiwi was range-bound with the British pound on Wednesday in New York. New Zealand`s currency fell to a daily low at around 6 a.m. and recovered to a daily best four hours later. In general, the pair has been in a range since Monday morning near the 2.6200 mark.

Copyright © 2007 RTTNews.com. All Rights Reserved.