The New Zealand dollar was in consolidation mode today, as the market waits on more key economic data due out in the US tonight.
At 5pm in Wellington the kiwi was buying US71.82c from US71.00c at 5pm yesterday and US71.84c at 8.30am today. The kiwi traded in a a 20 point range today of US71.65c to US71.85c range.
Disappointing US data already out this week has put the greenback was pressure. Yesterday it was revealed portfolio inflows into the United States in October fell short of covering the country's record trade deficit for the same month.
According to US figures, portfolio inflows into the country dropped to $US48.1 billion in October, the lowest level in a year.
BNZ currency strategist Sue Trinh said tonight all eyes would be on US current account data.
Weaker than expected figures would put the greenback under further pressure.
"For the kiwi, right now it's consolidating around that resistance area around US71.75c level, if we get the US dollar under pressure again tonight it could open up a move through US72c in the kiwi." she said.
Meanwhile at 5pm the Australian dollar was at US76.50c from US75.60c at 5pm yesterday, the euro was at $US1.3412 ($US1.3293), and the US dollar was at 104.26 yen (105.30 at 5pm yesterday).
On the crosses the kiwi was buying A93.87c (A93.89c), 0.5355 euro (0.5341), 36.97 British pence (36.88), 74.88 yen (74.77) and 0.8193 Swiss francs (0.8199).
The trade-weighted index was at 69.39 (69.08) and the monetary conditions index was at plus 950 (931).
On the money markets, 90-day bank bill yields were at 6.74 percent (6.75), February 2006 bonds at 6.31 percent (6.32), July 2009s were at 5.96 percent (6.00), and April 2013s were at 5.90 percent (5.95).
- NZPA
<EM>Currency:</EM> Kiwi consolidates ahead of fresh US data
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