New Zealand dollar hits 1-year high against US
The New Zealand dollar has hit a one year high against the US dollar.
The Kiwi reached a peak of 71.69 US cents in early evening trading, before giving up some gains.
The US dollar firmed slightly this morning after Federal Reserve chair Janet Yellen appeared before the Senate Banking Panel.
She said a cautious approach to monetary policy remains appropriate. Although there has been a slowdown in the job numbers she said it is important not to overreact to one or two reports.
The Kiwi had eased to 71.25 US cents by 8am.
It was trading at 95.62 Australian cents and 48.73 British pence.
Global markets appear to be in a holding pattern ahead of the British vote to leave or remain in the EU (polls close 11am Friday, New Zealand time).
The latest IG/Survation poll put 'Remain' at 45 percent and 'Leave' at 44 percent. This shows the vote remains a very, very close call.
But the betting still has the 'Remain' camp favoured to win, with a probability of as much as 80 percent. Bloomberg says wagers on the Betfair exchange suggest the 'Remain' camp could receive 50 to 55 percent of the vote.