The New Zealand dollar had a heavy feel yesterday and it drifted down towards support levels.
The Jobs Summit is not a market mover so the focus in the currency market was, as usual, on global events and movements in equity markets.
The NZ dollar was trading at US50.56c at 5pm from US51.10c at 8am and US50.15c at 5pm on Thursday.
"We have found relatively solid support around US50.50c all this week," said BNZ currency strategist Danica Hampton.
Investors were squaring positions at month-end but the flows were in "dribs and drabs".
The yen rose off three-month lows on squaring up of US dollar positions.
Next week there is little on the New Zealand economic calendar but there are many events offshore, including central bank decisions in Europe and Australia and non-farm payroll data in the US. "The kiwi is just going to be vented around with global sentiment," said Hampton.
Against the Australian dollar, the kiwi dropped to A78.35c from A78.65c on Thursday. Again this was said to be on position-squaring. The trade-weighted index was 51.97 from 52.48.
- NZPA
NZ dollar drifts on global news
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