The New Zealand dollar climbed during the day yesterday, but showed only muted strength as overseas buyers remained tuned to other currencies.
At 5 pm the kiwi sank to 41.24USc from Wednesday night's 41.36USc close, and the aussie was at 50.51USc from 50.53USc.
"It's been a very quiet day. There's been a little bit of buying - [the kiwi]'s crept up 15 points on the day but that's about it," one local dealer said.
He picked the kiwi to remain weak overnight, with the market inclined to sell on rallies.
"I would have thought if it gets back to 41.35/40USc there might be sellers again out of the US. Overnight you might see a 41.10/25USc range."
The greenback continued to feel pressure as the Commerce Department reported that gross domestic product fell at an annual rate of 0.4 per cent in the three months to September.
The third-quarter GDP performance was the worst since economic output shrank 2 per cent in the first quarter of 1991, during the last recession.
The recession-mired US manufacturing sector will again be the focus today, when the National Association of Purchasing Management releases its gauge of activity for last month. A Reuters poll said economists expected the index to fall to a four-month low.
On the crosses at 5 pm, the kiwi traded at 81.65Ac (81.93Ac at Wednesday's close), 0.4580 euros (0.4560), 50.43 yen (50.42), 28.37 pence (28.45), 0.8958 marks (0.8916), and 0.6738 Swiss francs (0.6707).
- NZPA
<i>Currency:</i> Kiwi climbs off lows but pressure on
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