The New Zealand dollar traded in a holding pattern today, as it remained mired in range trading against the US dollar.
At 5pm today the kiwi was buying US68.40c, from US68.42c at the start of today's local session and US68.14c at 5pm yesterday.
The kiwi was also steady against the aussie, fetching A93.57c at 5pm today, from A93.52c at the same time yesterday.
Local data out yesterday showed the value of retail sales grew 2.4 per cent in the September quarter on the previous quarter, underpinning expectations of another interest rate hike next month.
New Zealand's official cash rate, at 7 per cent, is already the highest in the developed world.
There was no market-moving economic data released today. The Reserve Bank of New Zealand will release its six-monthly Financial
Stability Report on Friday, with the producer price index and trade data due out next week.
The kiwi gained against the greenback last night as investors booked profits on recent gains in the US currency.
Testimony by Ben Bernanke, the nominee for Federal Reserve chairman, broadly reinforced the market's view that the Fed would keep raising rates, prompting speculators and investors to cash in on the US dollar's big gains of late.
- NZPA
<EM>Currency:</EM> Kiwi trades steady
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