Kiwi traded strongly yesterday as risk appetite was buoyed follwoing an encouraging announcement from the Bank of America

The kiwi dollar was higher against a broadly weaker sterling, which came under pressure following weak economic figures.

• The UK services sector data revealed that the industry expanded at a slower rate than in previous months, breaking its upward trend, and dulling demand for the pound.
  
• The kiwi was also buoyed as the safe haven appeal of the US dollar and Japanese yen came under pressure following an announcement from the Bank of America to repay bailout funds.
  
• The New Zealand currency climbed by just over a cent, but was unable to push higher as weak manufacturing data from the US undermined risk appetite.
  
• The pound is up in early trading though as investors pare back risky bets ahead of important US employment figures.