The New Zealand dollar lost a little ground yesterday, as profit-takers swooped in to take advantage of recent gains.
At 5pm the kiwi was at US42.74c, from US42.98c at Wednesday's close, while the aussie was at US52.42c (US52.54c).
"It has been a fairly quiet day where we have seen a small profit-taking note come into the market as the kiwi has tracked the aussie lower on the day," Deutsche Bank dealer Tim Robinson said.
With little to influence the kiwi on the data front, the unit was expected to range between US42.55c and US42.95c overnight.
Bank of New Zealand currency strategist Stuart Ritson said in a daily commentary that kiwi was consolidating its recent rapid appreciation.
"The New Zealand dollar continues to attract good support on dips into mid-US42c."
On the crosses at 5pm the kiwi was buying A81.53c (A81.80c at Wednesday's close), 56.69 yen (57.05), 29.70 pence (29.84), 0.7088 Swiss francs (0.7112) and 0.4796 euro (0.4815). The Australian dollar was buying $NZ1.2264 ($NZ1.2226).
The Trade Weighted Index, which measures the kiwi against a basket of currencies from New Zealand's key trading partners, was at 51.58 (51.84 at Wednesday's close), 90 day bank bills were steady at 4.89 per cent and the monetary conditions index was at minus 719 (minus 695).
On the debt market the March 2002 bonds were flat at 4.76 per cent, the April 2004s were at 5.68 per cent (5.74), the November 2006s were at 6.22 per cent (6.26), and the November 2011s were at 6.58 per cent (6.65).
- NZPA
<i>Currency:</i> Kiwi dips as profit takers set in
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