The New Zealand dollar arrested its week-old decline against the greenback today in a local session somewhat subdued by yesterday's holidays in the US and Wellington.
At 5pm in Wellington the kiwi was at US65.77c (from US65.85c at 5pm yesterday), having traded between US65.46c and US65.70c.
The Australian dollar was at US75.82c (US75.68c at 5pm yesterday).
Westpac chief currency dealer Basil Payn said the kiwi spent the day finding its feet. It has spent the last week moving down from a string of fresh 6-1/2-year highs which peaked at about US68.86c on January 13. Last night the kiwi lost just under half a cent against the greenback.
"It's pretty much just some consolidation after the move down overnight", Mr Payn said.
Mr Payn said the market was probably in a holding pattern today, waiting to see how US and European players reacted to the kiwi's new lower levels tonight when they returned to market after yesterday's holidays.
He said the kiwi was currently finding support at US65.10c and resistance at US65.80c.
The euro was at US$1.2381 (US$1.2373), and the greenback was buying 107.41 yen (106.56).
Meanwhile, on the crosses the New Zealand dollar was buying A86.73c (A87.02c), 0.5313 euro (0.5322), 70.69 yen (70.15), 36.83 British pence (36.61), and 0.8345 Swiss francs (0.8349).
On a trade weighted basis, the kiwi was at 65.62 (65.59).
The monetary conditions index was at plus 529 (525), and 90-day bank bills were at 5.34 per cent (5.33).
On the debt market, February 2006 bond yields were at 5.52 per cent (5.41), July 2009 bonds were at 5.75 per cent (5.69), and April 2013 bonds were at 5.91 per cent (5.85).
- NZPA
<i>Currency:</i> Kiwi finds feet after moves lower
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