The New Zealand dollar marked time around the mid-US43c level yesterday, shrugging off worse-than-expected current account figures.
At 5pm the kiwi was at US43.60c, down slightly on Tuesday's US43.71c close. Its Australian counterpart also edged lower to US52.73c (US52.89c).
"It's been a 20-point range and there's been absolutely nothing going on," Bank of New Zealand dealer Margaret Skilton said.
"The aussie is the reason the New Zealand dollar is lower."
Figures showing New Zealand's current account deficit widened in the fourth quarter had no affect on the kiwi, Ms Skilton said, despite being slightly worse-than-expectations.
The deficit in the three months ended December 31 was $1.84 billion. That is wider than a revised $1.63 billion deficit in the third quarter though narrower than the $1.87 billion deficit in the fourth quarter of 2000. Economists expected a $1.59 billion deficit.
Today's December quarter gross domestic product figures were likely to have more of an impact, Ms Skilton said.
Economists on average are picking GDP to have risen 1.1 per cent for the quarter which would mean the economy expanded by 2.5 per cent in 2001, up from 2.1 per cent in the September year.
On the crosses at 5pm the kiwi traded at A82.65c (A82.65c at Tuesday's close), 0.4971 euro (0.4983), 57.89 yen (58.20), 30.56 pence (30.64) and 0.7279 Swiss francs (0.7278).
The aussie was at $NZ1.2093 ($NZ1.2104).
The monetary conditions index was at minus 534 (minus 518), the trade weighted index was at 52.81 (52.93), and 90-day bank bills were at 5.58 per cent (5.60).
On the debt market, the April 2004 bonds were 6.33 per cent (6.38), the November 2006s were at 6.81 per cent (6.88) and the November 2011s were 6.93 per cent (7.00).
- NZPA
<i>Currency:</i> Kiwi treads water ahead of GDP figures
AdvertisementAdvertise with NZME.