The New Zealand dollar pottered within now-familiar ranges around the mid-US56c level during a quiet session today.
By 5pm, the kiwi was at US56.56c - up on yesterday's US56.37c close but shy of the multi-year high of US56.80c hit overnight on Tuesday.
Its Australian counterpart also rose, to US60.83c (US60.46c late yesterday).
ANZ Investment Bank chief foreign exchange dealer Murray Hindley said the kiwi had traded in a tight range of US56.53/66c with low volumes.
"A little bit of consolidation. There's been a little bit of selling against the aussie but that's about it today.
"Overnight, I'd suggest we're still going to be within a US56.45/75c range," Mr Hindley said.
In offshore trade the US dollar teetered near fresh six-month lows against the yen as it remained weak on risks of a US-led war in Iraq.
The dollar eased broadly in post-Asian trade on Wednesday after chief UN weapons inspector Hans Blix said he saw no shift in Iraq's cooperation in disarming, raising prospects that the US could further insist on an armed confrontation.
Intervention rumours circulated again, with speculation that Japan may have been conducting stealth intervention overnight with the dollar near 117 yen.
In Wellington at 5pm the US dollar eased to 117.10 yen, from 117.42 yen yesterday, while the euro strengthened to $US1.0794 from $US1.0751.
On the crosses at 5pm the kiwi was buying A93.00c (A93.23c), 52.40 euro (52.42), 66.24 yen (66.18), 35.67 pence (35.79), and 0.7672 Swiss francs (0.7660).
The Australian dollar rallied against the New Zealand dollar to $NZ1.0754 ($NZ1.0727).
The trade-weighted index was at 61.89, compared with 61.86 yesterday, 90-day bills were at 5.78 per cent (5.80), and the monetary conditions index was at plus 283 (plus 281).
On the bond market the April 2004 government bonds were at 5.34 per cent (5.37), the November 2006s were at 5.30 per cent (5.34), and the November 2011s were at 5.69 per cent (5.74).
- NZPA
<i>Currency:</i> Kiwi travels within now-familiar range
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