Currency: Subdued trade for kiwi in wake of fresh highs

5.40pm

A quiet day's trade after yesterday's local holiday left the kiwi hanging tough around its recently achieved six-year-high.

At 5pm the kiwi was at US61.05c from US60.97c late on Friday after trading in a US60.85c to US61.30c range. The aussie was at US70.32c from US70.25c at Friday's close.

Overall, the kiwi looked "reasonably subdued", an ANZ Investment Bank dealer told NZPA.

"We drifted off the highs as euro and aussie came off their highs for the day, so it was just a matter of following them around. It doesn't look like there was anything significant that went through the market today".

The dealer expected to see the kiwi trade in a US60.85c to US61.30c range tonight.

Meanwhile, in Wellington at 5pm the US dollar was at 108.39 yen (109.58 on Friday), while the euro was at US$1.1715 (US$1.1824).

On the crosses the kiwi was buying A86.81c (A86.70c), 66.18 yen (66.82), 36.09 pence (35.93), 0.8069 Swiss francs (0.7985), and 0.5213 euro (0.5157).

The Australian dollar was at $1.1519 ($1.1522).

The trade weighted index was at 62.77 (62.71), the monetary conditions index rose to plus 299 (292), and 90-day bank bills were unchanged at 5.23 per cent.

On the debt market, yields on April 2004 bonds were unchanged at 5.17 per cent, February 2006s were at 5.70 (5.68), and November 2011s were at 6.06 per cent (6.04).

- NZPA