6.00pm
It was a case of ever decreasing circles for the New Zealand dollar this week as it traded in an increasingly narrow range, a currency strategist said.
At 5pm, the kiwi was trading at US59.50c from US59.53c at the same time last night.
Today, the kiwi traded between US59.43c and US59.55c, the tight range being driven by a quiet US dollar.
BNZ currency strategist Sue Trinh said the kiwi had experienced a slow day on the world's money markets.
"At the start of the week we started off quite volatile and the range has just been getting narrower and narrower in to the end of the week," she told NZPA today.
"It's still US dollar driven at the moment and there hasn't been much in the way of directional cues to actually move it either way."
She said the kiwi was in consolidation after "whippy and choppy" moves early this week. However, key data out of the US tonight could spark a move in the kiwi.
Tonight, the US second quarter GDP and consumer confidence figures were being released.
Meanwhile, the Australian dollar was fetching US68.02c at 5pm today, slightly up from the US67.93c mark at the same time yesterday.
The euro was at US$1.1478 (from US$1.1475 at 5pm yesterday), while the US dollar eased to 111.98 yen (111.95).
On the crosses, the kiwi was at A87.52c (A87.65c), 66.66 yen (66.66), 35.90 pence (35.99), 0.8009 Swiss francs (0.8056), and 0.5184 euro (0.5188).
The Australian dollar was buying $1.1428 ($1.1409).
The monetary conditions index was at plus 256 (259), the trade-weighted index was at 62.30 (62.36), and 90-day bank bill yields were at 5.19 per cent (5.18).
The February 2005 Government bond yields were at 5.20 per cent (5.18), the November 2006s were unchanged at 5.42 per cent, and the November 2011s were at 5.74 per cent (5.77).
- NZPA
<i>Currency:</i> Dollar trades in ever decreasing circles
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