The New Zealand dollar traded in a tight range today as the world's money markets look ahead to the Group of Seven (G7) meeting in Dubai for direction.
At 5pm, the kiwi was at US58.39c, up slightly from US58.30c at market's close yesterday. The aussie rose further to buy US66.42c (US66.06c).
BNZ currency strategist Sue Trinh said the kiwi traded between US58.35c and US58.45c today.
"Most currencies are range trading at the moment, especially ahead of the G7 meeting at the weekend," she told NZPA today.
The G7 -- finance ministers from Britain, Canada, France, Germany, Italy, Japan and the United States -- are due to meet on September 20.
"They (the G7 representatives) can potentially make comments that can move the money market," Ms Trinh said.
"Most of the market is lying in wait to see what happens."
In Wellington at 5pm, the euro rose to US$1.1273 (US$1.1158), and the US dollar was buying 116.02 yen (116.16).
On the crosses, the kiwi was at A87.89c (A88.23c), 67.75 yen (67.68), 36.33 pence (36.69), 0.8062 Swiss francs (0.8116), and 0.5179 euro (0.5223).
The Australian dollar was buying $1.1376 ($1.1330).
The monetary conditions index was at plus 240 (254), the trade-weighted index was at 62.17 (62.34) and 90-day bank bill yields were at 5.18 per cent (5.16).
The February 2005 yields were at 5.29 per cent (5.34), the November 2006s were at 5.53 per cent (5.57), and the November 2011s were at 5.85 per cent (5.92).
- NZPA
<i>Currency:</i> Dollar range bound ahead of G7 meeting in Dubai
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