The New Zealand dollar promised big things but delivered little yesterday, consolidating around two-month highs set overnight.
By 5pm the kiwi was at US47.50c, almost half a cent higher than Thursday's US47.06c close, but little changed on its US47.55c open. Its Australian counterpart was at US55.17c (US55.25c).
The kiwi broke through a key technical resistance of US47.30c yesterday and smashed through the US47.50c resistance overnight but lost its steam in the local session.
"The kiwi sort of drifted up and then stayed around US47.50c," one local dealer said.
"It's been a very, very, quiet day. The lack of interest in the currencies has been relatively high. It's certainly pretty dead out here at the moment."
Dealers expected the kiwi to range between US47.35c and US47.70c during the offshore session overnight.
On the crosses at 5pm the kiwi was trading at A86.11c (A85.88c at yesterday's close), 56.93 yen (57.10), 30.45 pence (30.53), 0.7096 Swiss francs (0.7121), and 0.4836 euro (0.4860).
The aussie was buying $1.1616 ($1.1639).
On the money market, 90-day bills were at 5.88 per cent (5.87), the trade-weighted index was at 54.24 (54.30) and the monetary conditions index was at minus 370 (minus 364).
The April 2004 bonds were at 5.65 per cent (5.72), the November 2006 bonds were at 5.99 per cent (6.09), and the November 2011 bonds were at 6.17 per cent (6.28).
- NZPA
<i>Currency:</i> Kiwi rally loses steam
AdvertisementAdvertise with NZME.