The New Zealand dollar hit the comeback trail today after suffering a big sell-down before the local session opened this morning.
By 5pm the kiwi was at US58.11c compared with US58.35c last night.
BNZ currency strategist Sue Trinh said the kiwi had recovered well after falling heavily on the back of selling on the kiwi/Swiss cross.
"It got sold down from US58.20c to US57.60c in about five or ten minutes," Ms Trinh said, however it recovered to a high of US58.14c later in the session.
Ms Trinh said that in the near term, a lack of data providing directional cues would reinforce the "rangy, choppy, consolidation trade" seen in the kiwi for the better part of a month.
Tonight Ms Trinh expected to see the kiwi trade between US57.80c and US58.25c.
Meanwhile at 5pm in Wellington, the aussie was at US64.78c from US65.14c at yesterday's close.
T he euro had risen to US$1.1359 from US$1.1274 yesterday, and the United States dollar eased against the yen to buy 120.37 (119.92).
Against the aussie the kiwi was A89.73c (A89.59c last night), and on the other crosses was buying 69.96 yen (69.98), 36.08 pence (36.23), 0.7834 Swiss francs (0.7954), and 0.5117 euros (0.5177).
The monetary conditions index was at plus 257 (277), the trade-weighted index was at 62.45 (62.71) and 90-day bank bill yields were at 5.10 per cent (5.08).
The February 2005 yields were at 5.10 per cent (5.07), the November 2006s were at 5.30 per cent (5.30), and the November 2011s were at 5.72 per cent (5.72).
- NZPA
<i>Currency:</i> Kiwi makes recovery from early sell-off
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