Thaw lifts Kiwi

The New Zealand dollar rose as global-risk appetite improved on the prospect of thawing trade relations between the US and China.

The kiwi was trading at 63.67 US cents at 5pm in Wellington versus 63.45 cents at 8am. The trade-weighted index was at 70.37 from 70.16. Risk appetite improved on reports that US and Chinese officials were “close to finalising” parts of a trade agreement. The kiwi was “better on the day, in line with risk having rallied overnight,” said Mark Johnson, private-client manager for OMF. “Still, a degree of caution is warranted . . . but for the moment, it’s pushing higher.” The NZ dollar was at 92.93 Australian cents from 92.72, 49.56 British pence from 49.31, 57.38 euro cents from 57.15, 69.37 yen from 69.15, and 4.4931 Chinese yuan from 4.4847.