NZ dollar steady in US72c range

A quiet day on the currency markets saw little change in the New Zealand dollar today, with light volumes traded and little movement expected until the European markets opened later tonight.

Against the greenback, the kiwi traded within the tight range of 7260 and 7289, on a "very subdued day," Mike Symonds, BNZ's chief currency dealer, said.

"Even the kiwi-aussie cross has been quiet. It looks like we are going to go into the European markets before we see any change," he said. "It looks like we have had a `holiday-type market'," he said, adding overseas volumes had been moderate.

At 5pm today, the kiwi was trading for US72.64c, from US72.18c yesterday. Against the Australian dollar, the New Zealand dollar was trading for A79.53c, slightly down from yesterday afternoon's A79.58c. The kiwi had gained slightly against the euro, from 0.4933 yesterday to 0.4958 at 5pm, though fell against the yen to 64.49, from 63.87 yesterday. The New Zealand dollar crept several points higher against the pound, to 44.56p from 44.52p.

The Trade-Weighted Index was accordingly slightly higher, at 65.29 at 5pm from 65.00 yesterday.

Overseas, the aussie was almost a cent higher against the greenback, reaching US91.34c, from 90.63 yesterday. The euro made slight gains against the greenback, from 1.4650 from 1.4625, and the yen moved to 88.75 from 88.50.

- NZPA