The New Zealand dollar weakened throughout the day, as investors took in key labour data.
Bank of New Zealand currency strategist Sue Trinh said the kiwi was traded in quite a heavy session.
"It's traded lower than its overnight lows -- at a range of US67.73 to US68.03 -- with the downside further cushioned by eurodashi talk," she said.
At 5pm the kiwi was buying US67.86c compared with US68.28c at yesterday's local close.
It was also softer against the Australian dollar, buying A91.75c compared with A92c.
"Generally speaking we've seen the kiwi/aussie cross come off significantly on the day," Ms Trinh said.
Labour costs rose largely in line with economists' expectations in the December quarter, Statistics New Zealand said today.
The Labour Cost Index showed wages in the private sector rose 0.7 per cent in the quarter, bang on market forecasts.
On an annual basis, the index rose 2.9 per cent, a touch above forecast.
Economists said the data showed the labour market was still tight, indicating the Reserve Bank would likely maintain a hawkish bias but not raise interest rates again.
The Quarterly Employment Survey, also released today, showed average total hourly earning rose 5.4 per cent to $21.35 in the year ended December -- the biggest rise since the year to December 1990.
The kiwi was expected to trade in a US67.60c to US67.95c range overnight, said Ms Trinh.
- NZPA
<EM>Currency: </EM>Kiwi softens on labour data
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