5.00pm
The kiwi hovered above US69c today as the market waits on key economic data due out of the US tonight.
At 5pm in Wellington, the kiwi was buying US69.09c from US68.90c at 5pm yesterday, having traded in a tight range between US69.02c and US69.15c during the day.
BNZ currency strategist Sue Trinh said if the kiwi managed to break through the key resistance point of US69c to US69.10c it could push back up to around US70c. But she said US non-farm payroll data out tonight would provide the market with fresh direction.
With the US presidential election now over, low interest rates, high oil prices and questions about the pace of economic growth were also hurting the dollar, traders said.
Also adding to the downward pressure on the greenback was the condition of Palestinian president Yasser Arafat. Initial reports, this morning swiftly denied by a French hospital spokesman, that the Palestinian President might have died, pushed the US dollar to new lows against the euro and the Swiss franc, a traditional refuge currency.
Meanwhile, at 5pm today the Australian dollar was buying US75.70c (US75.63c at 5pm yesterday), the euro was buying US$1.2886 (US$1.2820), and the greenback was buying 105.94 yen (106.29).
On the crosses the kiwi was buying A91.27c (A91.09) 0.5361 euro (0.5375), 37.45 British pence (37.29), 73.20 yen (73.24), and 0.8198 Swiss francs (0.8228).
The NZ dollar trade-weighted index was at 67.97 (67.90) and the monetary conditions index was at plus 847 (841).
On the money market, 90-day bank bill yields were at 6.75 per cent (6.74 per cent).
February 2006 bond yields were unchanged at 6.21 per cent, July 2009s were at 6.02 per cent (6.01) and April 2013s were at 6.05 per cent (6.03).
- NZPA
<i>Currency:</i> Kiwi trades in tight range, waits on US data
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