The New Zealand dollar was weaker against a stronger US dollar this morning, with the greenback rising despite a wider than expected US trade deficit reported on Friday.
At 8.30am today the kiwi was buying US67.84c, from US68.00c at 5pm Friday.
The greenback initially weakened in US trading on Friday after the release of US trade data showing the trade deficit for 2005 had increased 17.5 per cent from the previous year to a record US$725.8 billion.
But the US dollar rallied later in the session, with some traders saying technical reasons were behind the rebound.
This week on the local data front, the market will be watching for retail trade figures for the December quarter which are due out tomorrow.
In the US this week the new Federal Reserve chairman Ben Bernanke is to deliver the Fed's semi-annual monetary policy report to Congress later this week. The market will be looking at the tone of his testimony for signs of hawkishness.
The following are Reuters currency rates:
8.30am today 5pm Friday
NZ dlr US67.84c US68.00c
NZ dlr/Aust dlr A91.99c A91.88c
NZ dlr/euro 0.5701 0.5672
NZ dlr/yen 79.91 80.52
NZ dlr/stg 38.90p 38.99p
NZ TWI 70.03 70.09
Australian dollar US73.75c US74.00c
Euro/US dollar US1.1987 US1.1986
US dollar/yen 117.75 118.42
- NZPA
<EM>Currency:</EM> Kiwi loses ground against greenback
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