The New Zealand dollar was little changed by the end of the Wellington session today although it remained well-supported above US58c.
By 5pm the New Zealand dollar was buying US58.29c from US58.24c yesterday, while the aussie was similarly unmoved at US65.80c (US65.78c).
Bank of New Zealand currency strategist Sue Trinh said the kiwi traded between US58.05/38c during the day.
"It pretty much stumbled a touch out of the starting blocks in our local session and, that said, that support at US58.00c never gave way on what was essentially a bit of a nothing day," Ms Trinh said.
"The kiwi is firming, and it seems to be marking out a bit of consolidation on that US58c handle after that recent strong up-move that we had."
The kiwi has risen since it hovered around US56.90c at the start of the month.
Eurokiwi issuance earlier this week, and talk of more in the pipeline, was buoying the kiwi, she said.
Eurokiwi are New Zealand and Australian dollar-denominated bonds sold to retail investors in Europe and Japan, where central bank rates are far lower.
Overnight Ms Trinh picked a range for the kiwi of US58.00/50c.
In Tokyo the greenback edged up against the yen on wariness about Japanese intervention, unfazed by worries surrounding the second anniversary of the September 11 attacks.
Still, lingering concerns about the outlook for the US economy following last week's weak jobs data kept most market players from bidding up the dollar sharply.
The euro was at US$1.1205 at 5pm in Wellington from US$1.1218 last night, and the US dollar was buying 117.25 yen (116.84).
On the crosses at 5pm the kiwi was buying A88.59c (A88.52c yesterday), 68.32 yen (68.05), 36.62 pence (36.61), 0.8082 Swiss francs (0.8033), and 0.5200 euro (0.5192).
The Australian dollar was buying $1.1290 ($1.295).
The monetary conditions index was at plus 259 (252), the trade-weighted index was at 62.40 (62.31) and 90-day bank bill yields were at 5.15 per cent (5.13).
The February 2005 yields were at 5.39 per cent (5.32), the November 2006s were at 5.64 per cent (5.58), and the November 2011s were at 5.98 per cent (5.93).
- NZPA
<i>Currency:</i> Kiwi supported but little moved
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