NZ dollar posts modest gains, closes at US77c

The New Zealand dollar posted modest gains today and finished just below the best levels of the session.

The NZ dollar was at US77.00c at 5pm, up from US76.90c at 8am today, having dropped to around US76.65c on Saturday morning, from US77.40c at 5pm on Friday.

The low today was back at US76.65c and the NZ dollar drifted higher from that level for most of the day.

The Australian dollar was firm and so was the euro.

With only minor economic releases locally this week the NZ dollar is expected to be driven by offshore events.

"We maintain a negative bias for the week and month ahead. The lack of evidence of economic recovery in New Zealand, along with the converse situation in the United States, argues for NZ dollar to be down to the bottom of a US75.50c to US78.00c range," Westpac said.

The NZ dollar was also little changed against other currencies. It was at 0.5656 euro at 5pm from 0.5675 euro on Friday at 63.31 yen from 63.10 yen. It was at A75.94c from A75.95c at 5pm on Friday.

The trade weighted index dropped to 68.41 at 5pm from 68.56 on Friday.

- NZPA