The New Zealand dollar sagged from its US57.31c opening yesterday morning to trade in a narrow range for the rest of the day, and threatened to ease further last night.
By 5pm the kiwi was buying US57.15c, up slightly from US56.54c late Thursday, while the Australian dollar was at US64.03c (US63.65c).
A local currency dealer said the kiwi's highs yesterday were seen early on.
"We went from about US57.10c to a high of US57.48c, and the rest of the day was basically spent from there back down to US57.20c. Its been a quiet US57.10c to US57.20c range since then", she said.
The kiwi's range over the whole day was US57.07c to US57.48c.
"I guess what we're doing tonight is probably buying dips down to that US56.75c to US56.8c area", the dealer said.
Last night the New Zealand dollar was likely to trade between US56.80c and US57.50c.
"That's quite a big range but I think you have to widen it out given the range that we've had over the last few days. Anything is possible. Most probably we'll hold somewhere around the US56.95c area."
Meanwhile in Wellington at 5pm the euro was at US$1.0879c from US$1.0854 late Thursday, while the United States dollar was at 117.00 yen (117.49).
On the crosses at 5pm the kiwi was buying A89.42c (A88.84c Thursday), 66.96 yen (66.42), 36.28 pence (36.03), 0.8090 Swiss francs (0.8026), and 0.5261 euro (0.5210).
The Australian dollar was at $1.1184 ($1.1257).
The monetary conditions index was at plus 228 (178), the trade-weighted index was at 62.02 (61.41) and 90-day bank bill yields were at 5.14 per cent (5.15).
The February 2005 yields were at 5.29 per cent (5.33), the November 2006s were at 5.53 per cent (5.58), and the November 2011s were at 5.90 per cent (5.96).
- NZPA
<I>Currency:</I> Kiwi droops again
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