The New Zealand dollar consolidated in choppy trade at new lower levels today in the wake of the recent surge by the greenback on potential United States interest rate rises.
At 5pm in Wellington the kiwi was at US60.54c (from US61.00c at 5pm yesterday), having traded between US60.37c and US60.79c.
The Australian dollar was at US69.55c (US69.67c).
ANZ Investment Bank senior dealer Mark Elliott said the kiwi opened at around US60.55c this morning and traded as high US60.79c before closing near the lower end of its range.
"It's just washing around after the strong directional move over the last few days," he said.
"We've lost nearly 3-1/2c in the space of two or three days so naturally the market's going to wash around and consolidate a bit."
He noted the aussie had been hit more than the kiwi on a percentage basis.
Meanwhile, the greenback was buying 113.47 yen (112.80), and the euro was buying US$1.1860 (US$1.1838).
On the crosses, the kiwi was buying A86.90c (A87.44c), 34.06 British pence (34.20), 68.59 yen (68.69), 0.7856 Swiss francs (0.7957), and 0.5099 euro (0.5146).
The trade-weighted index was at 62.51 (62.97), while the monetary conditions index was at plus 340 (376).
On the debt market, 90-day bank bill yields were at 5.88 per cent (5.87).
The February 2006 yields were at 5.86 per cent (5.83), July 2009s were unchanged at 6.15, and April 2013s were at 6.34 per cent (6.33).
- NZPA
<i>Currency:</i> Kiwi bobbing in Greenback's wake
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