The New Zealand dollar was forced lower in today's local session , at one stage dipping below the US67c mark to a nine month low as the greenback continued to firm.
By 5pm today the kiwi was buying US67.03c against US67.47c at 8.30am today and US67.65c at yesterday's local close. Its range today was US66.86c -- its lowest since early last October -- to US67.51c.
An Auckland dealer said trade in the kiwi today was characterised by continued selling, which he said was surprising given the upward movements in international commodity markets over the last 48 hours.
"US dollar strength seems to be overwhelming it (the kiwi) really."
"We came in this morning around that US67.30/35c area and it's pretty much been one way most of the day despite the fact that we had a strong Australian Labour Force data today.
"That didn't give much relief to the aussie and didn't help the kiwi much either, actually it provoked some selling of the kiwi against the aussie."
By the end of the day the kiwi was buying A90.66c from A91.09c this morning and A91.08c at yesterday's close.
The dealer said the kiwi's near term progress would now likely depend on US payrolls data out tomorrow.
"If you see strong labour data, everybody's going to be climbing more into US dollars across the board and we might see a lower kiwi from here."
At 5pm in Wellington, the US dollar was buying 112.23 yen (111.69 at 5pm yesterday), while the euro was at US$1.1925 from (US$1.918) and the aussie was at US73.93c (US74.25c).
On its crosses the kiwi was buying 38.29 British pence (38.50), 0.5619 euro (0.5675), 0.8737 Swiss francs (0.8812) and 75.21 yen (75.40).
The TWI was at 68.51 (68.98) and the monetary conditions index was at plus 914 (941).
On the money markets, 90-day bank bill yields were at 7.03 per cent (7.04), July 2009 bond yields were at 5.92 per cent (5.89), and the April 2015s were at 5.81 per cent (5.77).
- NZPA
<EM>Currency:</EM> Kiwi overwhelmed by surging greenback
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