The New Zealand dollar had a reasonably lethargic day, closing on its lows for the session.
At 5pm the kiwi traded at US42.64c from yesterday's close of US42.56c. The aussie rose slightly to US51.64c from US51.63c yesterday, although it too closed off its highs.
One local dealer said the kiwi had a US42.59c/84c range during the day.
"That sounds a lot more exciting than it has actually been. It hit US42.84c pretty early in the day and we retraced pretty quickly to a US42.65c/70c area, where we spent most of the day.
"We've been largely impacted by aussie coming off its highs, the market's been relatively subdued. We're trading quietly around here - the kiwi's still quite underpinned overall, but just waiting for a bit more strength from the aussie and the euro to confirm our direction," he said.
"I think kiwi on its own looks quite solidly underpinned, so I don't think we will fall off too sharply no matter what those two do. There is still demand around the place ... so upside potential is more likely."
Overnight the kiwi was likely to trade between US42.50c and US43c.
On the crosses at 5pm, the kiwi traded at A82.72c (A82.33c at yesterday's close), 52.42 yen (51.99), 30.01 pence (29.90), 0.9293 marks (0.9312), 0.7212 Swiss francs (0.7200) and 0.4751 euros (0.4760). The Australian dollar was at $NZ1.2106 from yesterday's close of $NZ1.2030.
The trade-weighted index was at 50.81 (50.69), and with the 90-day bills at 5.83 percent (5.82) the monetary conditions index was at minus 701 (minus 712).
Among the bonds, the March 2002s were at 5.68 percent (5.69), the April 2004s were steady at 6.17 percent, the November 2006s were at 6.36 percent (6.34), and the November 2011s were at 6.54 percent (6.51).
- NZPA
<i>Currency:</i> Kiwi drifts off but looks set to reach US 43c
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