The kiwi has given up some of the gains seen last night and early on today, to finish the local session below US61c.
At 5pm, the kiwi was at US60.85c (US61.08c), having ranged between US60.70c and US61.30c during the day.
The kiwi rallied yesterday after the release of stronger than expected domestic employment data showed unemployment was at a 16-year low of 4.3 per cent.
The kiwi's cause was also helped overnight by a weaker greenback, which faltered after data showed its trade gap was US$45.96 billion ($76.94 billion) in March.
This overshot economists' forecasts for a US$42.60 billion deficit, and undermined talk of a US economic recovery.
The kiwi opened today's local session at US61.33c, having ranged between US60.90c and US61.55c overnight. But it failed to keep its head above the US61c mark.
ANZ Investment Bank's chief foreign exchange dealer Murray Hindley said "We saw some strength obviously overnight in the (New Zealand) currency and earlier in the morning session it continued that way. But this afternoon's session, after the Aussie employment data, it's actually given up its gains."
Figures released this afternoon showed Australia's April employment soared by 56,200, against a forecast increase of just 9000.
At 5pm in Wellington, the Australian dollar was at US69.56c (US70.05c).
On the international data front, the market is waiting on the overnight release of the US producer prices index.
Meanwhile, the greenback was buying 113.75 yen (112.65), and the euro was buying US$1.1908 (US$1.1885).
On the crosses, the kiwi was buying A87.50 (A87.36), 34.40 British pence (34.75), 69.28 yen (68.98), 0.7866 Swiss francs (0.7931), and 0.5110 euros (0.5156).
The trade-weighted index was at 62.89 (63.10), while the monetary conditions index was at plus 371 (388).
On the debt market, 90-day bank bill yields were at 5.87 per cent (5.90).
The February 2006 yields were at 5.94 per cent (5.86), July 2009s were at 6.20 per cent (6.13), and April 2013s were at 6.35 per cent (6.31).
- NZPA
<i>Currency:</i> Kiwi gives up gains to slip below US61c
AdvertisementAdvertise with NZME.