The New Zealand dollar lost some of the firmer ground it found in the morning by the local close of trading yesterday.
At 5pm it was trading at US47.85c compared with US47.60c at Tuesday's close having popped its head above US48c during the night.
The aussie closed on US54.68c, little changed from its US54.57c close on Tuesday.
The New Zealand dollar made gains on all the crosses with the Trade Weighted Index finishing at 55.19 compared with yesterday' 54.86 close.
The 4.8 per cent surge on Wall Street based on optimism of an US economic recovery is seen as good news by both the New Zealand and Australain dollars.
On the crosses, the kiwi rose to A87.50c (A87.25c), 0.4872 euro (0.4822), 59.70 yen (59.30), 0.3077 pence (0.3058) and 0.7149 Swiss francs (0.7048). The Australian dollar fell to $1.1432 from $1.1460.
The 90-day bill yield rose to 5.89 per cent (5.87) and the monetary conditions index tightened to minus 281 (minus 312).
In the bond market, New Zealand bonds reflected a "messy" Tuesday night with US Treasuries as the surge in equities caught bond dealers on the hop.
There were savage rises in long bond yields in the local market with the November 2011 bond yield rising to 6.38 per cent from 6.25 per cent yesterday. The April 2004 bond rose to 5.72 per cent (5.66) and the November 2006 yield to 6.11 per cent (6.00).
- NZPA
<i>Currency:</i> Kiwi loses some of its gains
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