The New Zealand dollar yesterday eased slightly from the five-year high it hit yesterday morning but was expected to push even higher in overnight trade last night.
At 5pm, the kiwi was buying US57.29c down slightly from US57.43c at 9am yesterday morning but the aussie was slightly up at US64.31c from US64.25c.
Against other currencies the kiwi was essentially steady.
A National Bank dealer told NZPA the kiwi traded in a US57.12c - US57.45c range yesterday, reaching its high point as a result of late New York buying. Once that market closed early yesterday morning New Zealand time the kiwi waned somewhat, "It was well overdone at those levels," he said.
He expected the London and New York markets to lift both the kiwi and aussie higher in overnight trade on "very negative US dollar sentiment right across the board".
He picked an overnight range for the kiwi of US57.10c -- US57.60c.
At 5pm in Wellington the kiwi was buying A89.12c from A89.33c yesterday morning.
The euro,was at US1.1417 at local close yesterday having eased slightly from $U1.1425 yesterday morning and the US dollar was buying 117.67 yen (117.55 yen).
On the crosses at 5pm, the kiwi was buying 67.41 yen (67.49 yen), 35.50 pence (35.55), 75.94 Swiss francs (76.12), and 50.17 euro (50.28).
The monetary conditions index was at 202 (213), the trade-weighted index was at 61.30 (61.44) and 90-day bank bill yields were unchanged at 5.47 percent.
The February 2005 yields were also unchanged at 5.11 percent, the November 2006s were at 5.26 percent (5.27), and the November 2011s were at 5.68 percent (5.69).
- NZPA
<I>Currency:</I> Kiwi takes breather after hitting five-year high
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