Positive unemployment data left the the New Zealand dollar unmoved yesterday, as it traded quietly on technical orders.
At 5pm the kiwi was trading at US42.04c, up slightly on yesterday's close at US41.96, but largely ignoring yesterday's September quarterly labour force survey which put unemployment at 5.2 per cent, the lowest level in 13 years.
The Australian dollar retained its strength against an easing euro, closing at US51.60, well up on Wednesday's US51.45c .
"It's been a repeat of the last few days, really, where we're seeing the kiwi underlyingly bid thanks to its Aussie cousin," said one dealer.
He expected the kiwi to travel in a range between US41.85c and US42.15c overnight.
As the market focuses on the possibility of another interest rate cut next week, Citibank dealer Dean Sheridan noted that American investors might start looking more positively at the differential between New Zealand rates and those in the US.
"It's a long way between us and (US interest rates of) 2 per cent - we could actually see some of that interest rate differential start to favour New Zealand."
The Australian dollar gained on the kiwi-aussie cross, closing at $NZ1.2274 ($NZ1.2253 yesterday).
On other crosses, the kiwi was buying A81.47c (A81.60c), 46.87 euro (46.83), 50.86 yen (50.71), 28.73 pence (28.75), 91.68 marks (91.59), and 68.80 Swiss francs (69.01).
The trade-weighted index was at 49.86 (49.80), and the Monetary Conditions Index tightened slightly to minus 891 (minus 896).
Ninety-day bank bills were at 4.86 per cent (4.88 per cent), the March 2002 bonds were at 4.74 per cent (4.76), the April 2004s were at 4.93 per cent (4.99), the November 2006s were at 5.46 per cent (5.52), and the November 2011s were at 5.57 per cent (6.04).
- NZPA
<i>Currency:</i> Kiwi unmoved by positive job data, bolstered by aussie
AdvertisementAdvertise with NZME.