New Zealand Dollar: The New Zealand Dollar opens today at 0.6995 and spent most of the previous session beneath US70 cents after the Federal Reserve hiked the discount rate by 25 basis points to 0.75 per cent?- the first rise in three years. The move surprised market participants and sent the greenback higher against several major currencies. The kiwi was well supported however down at 0.6930 and bounced twice from this level during offshore trade. Meanwhile, the kiwi remains weak against its Australian counterpart and opens today at 0.7770.
- I expect a range today in the NZD/USD rate of 0.6960 to 0.7035
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