The New Zealand dollar barely raised its head yesterday as world markets waited quietly for a raft of United States data out tonight.
One dealer remarked the kiwi dollar had "hardly gotten out of bed" as it traded in a narrow five-point range, and by 5pm was trading at US48.58c compared to US48.30c at Thursday's close.
Its aussie stablemate saw a little more action, trading in a 27-point range to close at US55.46c (compared to US55.33c yesterday).
Overnight the antipodean currencies appeared to find a bit of support as investors adjusted their books for the end of the month, and by 9am the kiwi was trading at US48.64c.
This despite weak US data which showed total US economic output for the third quarter, weekly jobless benefit claims, and a report on October Midwest manufacturing activity were all lower than expected.
The data reinforced the view that the US Federal Reserve will cut interest rates -- already at a 40-year low of 1.75 per cent -- next week.
All eyes are now on last night's US October payroll report and motor vehicle data.
Dealers found it difficult to predict the kiwi dollar's performance tonight, saying it could range anywhere between US48.35c/95c.
On the crosses at 5pm, the kiwi was higher against its major trading partners, buying A87.60c (A87.30c at Thursday's close), 0.4913 euro (0.4890), 59.67 yen (59.25), 0.3108 pence (0.3095), and 0.7186 Swiss francs (0.7157).
The Australian dollar was lower at $1.1415 ($1.1453).
The 90-day bank bill yield was at 5.92 per cent (5.91), the New Zealand dollar trade-weighted index was at 55.63 (55.33), and the monetary conditions index was at minus 240 (minus 266).
The April 2004 bonds were at 5.61 per cent (5.66), the November 2006s were at 5.93 per cent (5.98), and the November 2011s were at 6.18 per cent (6.27).
- NZPA
<i>Currency:</i> Kiwi flightless ahead of US data
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