The New Zealand dollar held up today despite getting its third slice of bad economic news.
It closed on US66c, little changed from yesterday's US65.94c close.
Against its Australian counterpart it rose to A89.56c from A89.19c as the Australian dollar eased to US73.69c from US73.90c here yesterday.
Statistics New Zealand reported an 11 percent fall in dwelling consents in January to add to a grim economic picture for the week.
Earlier today, the National Bank business survey showed companies' own activity expectations, a barometer of economic growth, had dropped to minus 4 percent from minus 2 percent in December.
That came on the heels of figures out yesterday that showed New Zealand posted a $7.1 billion January year trade deficit -- the worst deficit to exports ratio since the oil crisis of 1976.
ANZ Investment Bank strategists said the signs were now pointing towards an official interest rate cut in September, and, until then, the kiwi would be under pressure. Westpac expects a cut by July.
"Expect the New Zealand dollar to remain under the pump as it takes the brunt of the easing in monetary conditions," ANZ said.
Amongst the majors, the yen dipped, but stayed in sight of one-month highs as slightly disappointing industrial output data did little to cool market expectations the Bank of Japan will end its super-easy monetary policy soon.
Rates:
5pm today 5pm Monday
NZ dlr US66.00c US65.92c
NZ dlr/Aust dlr A89.56c A89.19c
NZ dlr/euro 0.5565 0.5556
NZ dlr/yen 76.84 76.38
NZ dlr/stg 37.93p 37.79p
NZ TWI 68.08 67.87
Australian dollar US73.69 US73.90c
Euro/US dollar US1.1855 US1.1865
US dollar/yen 116.42 115.86
- NZPA
<EM>Currency:</EM> Kiwi holds up in face of more bad news
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