The New Zealand dollar had a quiet day today, finishing close to where it began on the local market.
"It's been a pretty average sort of a day, there haven't been any sort of dominating factors," NZ Investment Bank chief foreign exchange dealer Murray Hindley told NZPA.
"It saw a little bit of strength during the morning session but has since given up those gains and closed near where it started."
Mr Hindley said the kiwi traded in a narrow range of US58.50c to US58.72c. It finished the local session at US58.55c, a shade higher than its US58.42c close yesterday.
Mr Hindley expected to see the kiwi trade in a range of US58.30c to US58.80c tonight "depending on US dollar strength or euro weakness".
The Australian dollar was at US66.42c at 5pm today in Wellington, (US66.75c at 5pm yesterday) and the euro finished at $US1.1550 ($US1.1595).
Mr Hindley said the kiwi has stood up fairly well against recent gains by the greenback, compared with some of the other principal currencies.
' 'We have seen it strengthen against the euro in the last two sessions," he said.
"If you look at the crosses the kiwi/euro is back around 0.505 and certainly we gained some strength overnight on the aussie dollar cross. Two days ago that cross was around just under 87c. Well, we've seen it as high as 88.5c today."
On the crosses, the kiwi closed at $A88.16c (A87.55c at 5pm yesterday), 69.05 yen (69.18), 35.11 pence (35.10), 0.7751 Swiss francs (0.7762) , and 0.5067 euro (0.5041).
The monetary conditions index was at plus 235 (223), the trade-weighted index was at 62.03 (61.88) and 90-day bank bill yields were at 5.20 per cent (5.22).
The February 2005 yields were at 4.76 per cent (4.78), the November 2006s were at 4.80 (4.81), and the November 2011s were at 5.13 per cent (5.17).
- NZPA
<i>Currency:</i> Average day for kiwi
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