AB: NZ dollar pushes higher on improved risk appetite
* NZ dollar holds most of gains, in sight of one-week high
* Appetite for risky high yielders, USD slip support kiwi
WELLINGTON, Dec 2 - The New Zealand dollar rose on Wednesday as investors' appetite for riskier high yield currencies improved, buoyed by receding worries about the impact of Dubai's debt problems and positive data from Europe and China.
A slip in the U.S. dollar as the need for safe havens diminished also gave the kiwi a lift.
"Risk has been put back on the table and that's been good for the kiwi, the Aussie at the expense of the dollar and yen," said Derek Rankin of advisory firm Rankin Treasury.
The NZ dollar was trading at $0.7268/78 at 0410 GMT compared with $0.7190/96 in late local trade on Tuesday. It ranged between $0.7255 from $0.7281, after peaking at $0.7295 in Tuesday's offshore session.
The kiwi also moved to 63.30 yen from 62.68 yen , after the Bank of Japan offered more short-term funds to banks as part of a move to help avert recession. See [ID:nT374859]
But the kiwi did not react to dairy giant Fonterra's latest auction, in which prices rose 3.6 percent. It was the fifth consecutive monthly gain and brought rises since the July low point to 95 percent. See [ID:nWEL404792]
In the short term the kiwi is seen supported at $0.7240 with resistance at $0.7320.
New Zealand debt was a touch softer as the safe haven appeal of bonds declined. The benchmark 10-year bond's yield was a tick higher at 5.62 percent. (Reporting by Gyles Beckford) ((gyles.beckford@reuters.com ; +64 4 471 4231; Reuters Messaging: gyles.beckford.reuters.com@reuters.net)) (
