Dollar mixed, ends little changed

The New Zealand dollar ended close to where it started but had some ups and downs during the day in response to data here and in Australia.

The NZ dollar was US74.03c at 5pm, little changed from US74.04c at the same time yesterday. During the session it rose as high as US74.43c and as low as US73.83c.

During the morning the NZ dollar dipped under the US74c figure after retail sales for the September quarter. ASB chief economist Nick Tuffley said the message from the data, as expected, was that the recovery in consumer spending was cautious to date.

Then the Australian dollar jumped to a 15-month high on strong jobs data, boosting expectations of an interest rate hike next month. The NZ Dollar went along for the ride.

Australia's jobless rate rose to 5.8 per cent in October, the Australian Bureau of Statistics said. Total employment rose to 10.832 million.

The figures compare favourably with other industrialised countries. US unemployment in October hit 10.2 per cent; the United Kingdom's jobless rate is 7.8 per cent.

"The employment data was better than expected but the aussie has come off highs," one dealer said.

The NZ dollar eased against the Australian dollar to A70.20c at 5pm from A79.59c at the same time yesterday.

It was at 0.4936 euro from 0.4941 yesterday and at 66.43 yen from 66.30 yen yesterday. The trade weighted index was 65.85 from 65.90 yesterday.

- NZPA