The New Zealand dollar continued to gain altitude yesterday.
By 5pm the kiwi was at US47.37c from US47.10c Monday night, while the aussie was at US55.76c from Monday's close of US55.69c.
Trading was subdued, however, with US investors sidelined by a Memorial Day holiday.
Dealers said the uptrend in the kiwi remained intact, although some short term correction and profit-taking was inevitable.
"We're just treading water around these levels and it will be interesting to see what happens when the US markets come back onstream overnight," one said.
The kiwi was expected to range between US47.10c to US47.50c overnight.
Data out yesterday showing local business returns rose slightly in March had no impact on the kiwi.
Statistics New Zealand's Producer Price Index (PPI) showed prices of goods leaving the farm and factory gate - the producers' output prices - were up 0.4 per cent for the three months to March. Economists had expected no change.
Prices of inward goods, the producers' input prices, fell 0.1 per cent, compared with an expected 0.1 per cent rise.
On the crosses at 5pm the kiwi was at A84.98c from A84.60c at Monday night's close, 59.11 yen (58.77) 32.53 pence (32.33), 0.5142 euro (0.5112), and 0.7495 Swiss francs (0.7445).
The aussie was buying $NZ1.1777 ($NZ1.1821).
The monetary conditions index was at minus 261 (minus 287), the trade-weighted index was at 55.42 (55.13) and 90-day bank bills were at 5.89 per cent (5.88).
On the debt market the April 2004 bond yields were at 6.15 per cent (6.13), the November 2006s were at 6.68 per cent (6.67), and the November 2011s were at 6.83 per cent (6.79).
- NZPA
<i>Currency:</i> Kiwi gains in thin holiday trade
AdvertisementAdvertise with NZME.