The New Zealand dollar had a sedate day's trading yesterday as the world's money markets kept a close eye on the Group of Eight meeting in France, a forex expert says.
At 5pm yesterday, the New Zealand dollar was buying US58.05 from US57.79c at 5pm on Friday, while the aussie was at US65.76c (US65.32c).
BNZ currency strategist Sue Trinh said the kiwi traded to a high of US58.19c yesterday.
"It's pretty much been subdued for the rest of the day and drifted down to a low of 57.96 before straddling that US58.00c region," she told NZPA.
"I think the market's lying in wait for the results or any communication from the closing of the G8 meeting in France.
"It'll be interesting to see, especially with all the volatility in response to (United States President) George Bush's comments," she said.
The US dollar has gained in the last four days from two quarters - better-than-expected US manufacturing data, and continuing comments from Mr Bush suggesting he wanted to stem the greenback's slide.
Against the aussie at market's close, the kiwi was A88.24c.
The euro, was at US1.1759 at 5pm in Wellington from US$1.1868 at 5pm on Friday.
The US dollar was buying 118.62 yen (118.32 yen).
On the crosses at 5pm, the kiwi was buying 68.81 yen (68.44 yen), 35.43 pence (35.03), 0.7543 Swiss francs (0.7449), and 0.4935 euro (0.4873).
The monetary conditions index was at plus 192 (169), the trade-weighted index was at 61.48 (61.16) and 90-day bank bill yields were at 5.21 per cent (5.25).
The February 2005 yields were at 4.92 per cent (4.87), the November 2006s were at 5.03 per cent (5.01), and the November 2011s were at 5.39 per cent (5.32).
- NZPA
<I>Currency:</I> Dollar has subdued day's trading
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