The New Zealand dollar stabilised above US61c today after falling sharply yesterday.
After tumbling US1c yesterday the kiwi recovered to end today's local session at US61.18c, from US60.48c at 5pm yesterday.
The kiwi was helped by a softer US dollar, which weakened after Kansas City Federal Reserve Bank President Thomas Hoenig said early this morning New Zealand time that the US central bank was close to where it needed to be on policy after raising rates 15 straight times to 4.75 per cent.
The market will be eyeing the Institute for Supply Management's March reading for the US service sector due out tomorrow morning, for more clues on when the Fed could end its tightening cycle.
Local data released early this morning showed commodity prices slipped for the 10th consecutive month, while employee confidence also fell.
The ANZ World Commodity Price Index fell 1.4 last month, taking the index to its lowest point since May 2004.
Meanwhile the Westpac-McDermott Miller employee confidence survey showed workers were becoming increasingly pessimistic about job expectations over the next year, with the survey falling to 123.7 in the March quarter, from 127.2 in December.
The kiwi slipped against the Australian dollar, falling to A84.61c at 5pm from A84.76c at the same time yesterday.
Against the US dollar the aussie was buying US72.33c at 5pm, from US71.36c.
The Reserve Bank of Australia today announced it was keeping its key interest rate unchanged at 5.5 per cent, as expected. The RBA does not release an accompanying statement when it leaves rates steady, but economists said the bank's tightening bias was probably still in place.
5pm today 5pm Tuesday
NZ dlr US61.18c US60.48c
NZ dlr/Aust dlr A84.61c A84.76c
NZ dlr/euro 0.4981 0.4977
NZ dlr/yen 71.40 71.15
NZ dlr/stg 34.78p 34.78p
NZ TWI 62.73 62.47
Australian dollar US72.33c US71.36c
Euro/US dollar US1.2281 US1.2158
US dollar/yen 116.71 117.64
- NZPA
<EM>Currency:</EM> Kiwi pushes back over US61c
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