The New Zealand dollar continued its recent tendency for range-bound trading today and was weighed down by just released consumer price index (CPI) data, a currency dealer said.
At 5pm, the kiwi was buying US59.57c, up on the US59.42c at market's close last night.
The Australian dollar was at US68.98c (from US68.54 at 5pm last night), and euro was at US$1.1713 (US$1.1624)
BNZ chief dealer Mike Symonds said the kiwi had traded between US59.35c and US59.85c in today's session, finding support at US59.20c.
It initially found some buying interest as the aussie pushed upwards today, he told NZPA .
"Today's CPI data also weighed on the kiwi in that it demonstrated that whilst we are not ready for a (official cash) rate cut, nor are we likely to get a rate hike," Mr Symonds said.
The official cash rate is 5 per cent.
"Across the Tasman a rate hike looks very much on the cards nearer term, so certainly we've seen the kiwi lose a bit of ground against the aussie because of that," Mr Symonds said.
The CPI for the September quarter rose 0.5 per cent, although economists had expected a 0.8 per cent rise.
Also, a steadier United States dollar had taken "a bit of steam out of both the aussie and kiwi", Mr Symonds said.
At 5pm, the US dollar eased to 109.07 yen (109.19).
On the crosses, the kiwi was buying A86.36 (A86.70c), 64.96 yen (64.88), 0.5089 euro (0.5112), 35.67 pence (35.82), and 0.7853 Swiss francs (0.7914).
The Australian dollar rose to $1.1577 ($1.1537).
The monetary conditions index was at plus 200 (204), the trade-weighted index was at 61.61 (61.66), and 90-day bank bill yields were at 5.21 per cent (5.19).
The February 2005 government bond yields were 5.40 per cent (5.41), the November 2006s were unchanged at 5.71, and the November 2011s were at 6.03 per cent (6.02).
- NZPA
<i>Currency:</i> Dollar continues range-bound trading after CPI data released
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