THE New Zealand dollar held near a three-year high against the Australian dollar after figures showed China has become the country's biggest trading partner, beating the kiwi's Anzac cousin.
The kiwi traded at 82.70 Australian cents at 5pm on Friday in Wellington from A82.65c on Thursday, having climbed as high as A82.85c. The local currency rose to 85.30 US cents at 5pm from US84.77 cents at 8am.
On Friday, it was revealed exports to China jumped 32 per cent to $2.3 billion and imports rose 2.8 per cent to $1.8b, outpacing trade with nearest neighbour Australia.
Australia took $2.2b of New Zealand's exports, down 7.3 per cent, and sent $1.5b of its produce across the Tasman (down 5.3 per cent), according to Statistics New Zealand.
New Zealand's growing reliance on Chinese trade has coincided with a parting of ways in the economic fortunes with Australia, as the local central bank looks poised to hike rates as its next move, while the market is pricing in cuts to Australia's benchmark rate.
"The trade figures were quite good and might get a little more attention than usual due to the fact that China has overtaken Australia as the number one export destination for New Zealand," said Chris Tennent-Brown, FX economist at Commonwealth Bank of Australia in Sydney.
"The interest rate differential is the key driver" for the kiwi's gain against Australia's currency, he said.
The kiwi fell to 84.23 yen at 5pm on Friday from 84.64 yen on Thursday after the Bank of Japan affirmed its annual increase to the monetary base by about 60 trillion to 70 trillion yen.
The kiwi increased to 65.43 euro cents from 65.37 cents yesterday and dropped to 55.184 British pence from 55.68 pence following the stronger-than-expected GDP figures.
The trade-weighted index was little changed at 78.75 from 78.92 on Thursday, and is heading for a 0.9 per cent weekly gain.
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