It was snooze time for the New Zealand dollar yesterday despite a 28-point range.
With the key London market closed overnight for Easter, the kiwi only moved at all because of a few pieces of news from Australia, one dealer said.
At 5pm the kiwi traded at 40.90c from 41.07c about 9am, while the aussie dropped to 50.93c from 51.12c in the morning. The trans-Tasman cross closed at 80.12Ac, from 80.47c at Thursday's close.
"The aussie did all right over the weekend, and I think some people thought it might continue to grind its way higher. But unfortunately there was an Australian business expectations report from Dun and Bradstreet which was poor; and also the National Australia Bank had their business conditions survey which was poor."
The kiwi is unlikely to come back to life until the Reserve Bank's Official Cash Rate review tomorrow, and even then only if governor Don Brash does not act according to market expectations of a 25 basis points rate cut to 6.00 per cent.
Inflation data - the consumers price index and food price index - is out today.
- NZPA
<i>Currency:</i> Kiwi marks time before Brash review
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