The New Zealand dollar traded in a tight range today as it clawed its way back past the US58c mark, a forex expert says.
At 5pm, the New Zealand dollar was buying US58.17c from US58.41c at the same time yesterday, while the aussie was at US66.64c (US66.86c).
BNZ currency strategist Sue Trinh said the forex market opened on the weak side, the kiwi quickly falling through the US58c region to US57.85c, today's low.
"Throughout most of the day it's been slowly clawing its way back through that US58c region," she told NZPA.
"It struggled somewhat and didn't look like it could get much traction."
However, the kiwi was now looking at testing key resistance at US58.20/25c, and breaking that barrier was its immediate focus.
"But it really has to get through that US58.80/90 level to alleviate the downside risks."
Against the aussie the kiwi was A87.29c (A87.37c).
The euro, was at $US1.1448 at 5pm in Wellington from $US1.1530 at 5pm last night.
The US dollar was buying 119.43 yen (118.15 yen).
On the crosses at 5pm, the kiwi was buying 69.47 yen (69.01 yen), 34.98 pence (34.96), 0.7843 Swiss francs (0.7774), and 0.5081 euro (0.5066).
The monetary conditions index was at plus 230 (227), the trade-weighted index was at 61.88 (61.86) and 90-day bank bill yields were at 5.28 per cent (5.27).
The February 2005 yields were at 4.90 per cent (4.93), the November 2006s were at 4.97 per cent (4.98), and the November 2011s were at 5.33 per cent (5.31).
- NZPA
<i>Currency:</i> Kiwi claws its way over US58c mark
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