The kiwi dollar remained rangebound today, as the recent greenback rally seemed to run out of steam.
At 5pm the kiwi was buying US69.55c, slightly up from US69.46c where it opened today's local session, but down from US69.62c at 5pm last night. The New Zealand dollar traded between US69.30c and US69.65c during the day, much in line with yesterday's trading range.
Profit taking and cautious trading ahead of the release of US trade data later this week saw the greenback drift lower against the euro, after hitting multi-week highs against other major currencies late last week.
BNZ currency strategist Sue Trinh said the US dollar took on a weaker bias today and faced a market moving event on Wednesday night with the release of the US November trade balance.
She said the trade balance was expected to show a deficit slightly below the record US$55.46 billion shortfall recorded in October.
Meanwhile at 5pm today the US dollar was buying 104.02 yen (104.62) and the euro was buying US$1.3128 (US$1.3086).
The aussie was little changed, despite Australia today reporting its second largest trade deficit on record. Today's trade figures showed Australia's trade deficit up almost A$300 ($331.23) million to A$2.7 billion for November last year
At 5pm the Australian dollar was buying US76.02c (US75.83c at 5pm yesterday) and the kiwi was buying A91.50c (A91.80c).
On the other crosses at 5pm the kiwi was buying 0.5297 euro (0.5320), 36.98 British pence (37.14), 72.36 yen (72.83), and 0.8185 Swiss francs (0.8236).
The New Zealand dollar trade-weighted index closed at 67.78 (68.01), while the monetary conditions index was at plus 833 (850).
On the money markets, 90-day bank bill yields were at 6.76 per cent (6.75), November 2006 bond yields were at 6.18 per cent (6.21), July 2009s were at 6.04 per cent (6.07), and April 2015s were at 6.00 per cent (6.04).
- NZPA
<EM>Currency:</EM> Kiwi remains in tight range
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