The New Zealand dollar finished slightly higher against its United States and Australian counterparts today, helped along by importers taking advantage of the high kiwi-aussie cross, a broker said.
At 5pm, the kiwi was fetching US67.47c (from US67.28c at the same time yesterday), having traded between US67.22c and US67.53c.
The aussie was at US76.13c (US75.78c).
Westpac currency strategist Johnathan Bayley said in a quiet day's trading there was good through-flow on the kiwi-US dollar cross with active buyers on the inter-bank market.
"What we've also seen is importers exploiting the better levels we've now got in the kiwi-aussie," Mr Bayley told NZPA today.
Last night the kiwi made further progress in to the A88c region before ending today's session at A88.64c (A88.24c).
"We're surely in the top quarter of the cyclical range and it's a good place to set cover," Mr Bayley said.
"There's an opportunity for them (importers) today irrespective of how the Reserve Bank of Australia (RBA) moves tomorrow," he said.
The RBA is due to review its official cash rate tomorrow, with the market expecting no move from the current 5.25 per cent.
Also coming up this week are rate calls by the European Central Bank and Bank of England on Thursday.
On Friday, there is a Group of Seven meeting for finance ministers in Florida, and analysts have predicted a volatile lead-up in currency markets.
Meanwhile, the euro was at US$1.2465 (US$1.2462), while the greenback was buying 105.49 yen (105.62 yen).
On the crosses, the kiwi was buying 0.5413 euro (0.53.99), 71.17 yen (71.06), 37.00 British pence (36.85), and 0.8485 Swiss francs (0.8458).
On a trade weighted basis, the New Zealand dollar was at 66.84 (66.64).
The monetary conditions index was at plus 648 (631), and 90-day bank bills were unchanged at 5.60 per cent.
February 2006 bond yields were unchanged at 5.67 per cent (5.68), July 2009 bonds were at 5.91 per cent (5.93) and April 2013s were at 6.02 per cent (6.05).
- NZPA
<i>Currency:</i> Kiwi higher against US and Aussie, importers investing in cover
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