The New Zealand dollar continued to look softer during today's local session after a sizeable move lower last night.
At 5pm in Wellington the kiwi was buying US71.62c from US71.86c at the local open this morning and US72.60c at 5pm last night. It traded in a US71.39c to US71.95c range today.
The kiwi had been pushed lower overnight after the greenback rose on strong retail sales data.
A local dealer said the kiwi was still looking a bit weak today after its fall overnight. "The market is still a little bit bearish on the kiwi in light of the last couple of economic numbers out on the last couple of days."
Adding to yesterday's rise in March quarter unemployment, local retail sales came in softer this morning. That saw the kiwi sold off further but it had subsequently run into some buying.
Its progress tonight would depend on which way the US dollar moved.
The kiwi was softer against the aussie, buying A93.65c (93.95c at 5pm yesterday).
On its other crosses the kiwi was buying 0.5653 euro (0.5676), 76.52 yen (77.06), 38.40 British pence (38.80), and 0.8716 Swiss francs (0.8766).
The greenback was buying 106.85 yen (106.16), the euro was buying US$1.2675 (US$1.2792), and the aussie was at US76.52c (US77.28c).
The TWI was at 70.70 (71.28), while the MCI was at plus 1072 (1115).
On the money markets, 90-day bank bill yields were at 7.03 per cent (7.05), July 2009 bonds were at 5.90 per cent (5.96), and April 2015s were at 5.79 per cent (5.85).
- NZPA
<EM>Currency:</EM> Kiwi continues to look weak
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