The New Zealand dollar trod water today to end the week not far from where it closed yesterday.
By 5pm, the New Zealand dollar was buying US58.58c from US58.48c yesterday, while the aussie climbed to US66.34c (US66.17c).
One local dealer said the kiwi followed the aussie downward earlier today, before both recovered.
"We've come back a wee bit, there's not much going on. The test will be whether we break US58.90c tonight, or go back down to the US58.20c area.
"Basically, we followed the aussie down and then levelled off. There seemed to be a good appetite to sell (aussie) first off around the US66.60c level and it didn't recover," he said.
The kiwi traded between US58.48/78c today, and it was likely to see a similar range during the weekend of US58.30/80c.
"I think it might settle around this area for another day or two. It will struggle to break US58.90c at the moment, which is a reasonable area of resistance."
In Tokyo today, the greenback edged higher against the yen after a surprise improvement in United States job conditions -- so far the weakest link in the economy -- raised hopes for a more solid recovery.
In Wellington at 5pm, the euro eased to US$1.1470 from US$1.1481 last night, while the US dollar rose to 119.16 yen (118.83).
On the crosses at 5pm, the kiwi was buying A88.31c (A88.39c yesterday), 69.80 yen (69.49), 36.29 pence (36.35), 0.7902 Swiss francs (0.7880), and 0.5107 euro (0.5091).
The monetary conditions index was at plus 253 (245), the trade-weighted index was at 62.43 (62.32) and 90-day bank bill yields were at 5.06 per cent (5.08).
The February 2005 yields were at 4.94 per cent (4.93), the November 2006s were at 5.17 per cent (5.15), and the November 2011s were at 5.60 per cent (5.56).
- NZPA
<i>Currency:</i> Kiwi treads water to end week little changed
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