The New Zealand dollar saw little action today but was eyeing up the US42c level for an overnight move.
At 5.00 pm the kiwi traded at US41.87c, up slightly from last night's close of US41.81c, while the aussie rose to US51.13c (US50.97c).
ANZ Investment Bank senior foreign exchange manager Richard Marshall said the kiwi was trading in a tight range of US41.75/88c.
"It didn't really do anything, it's firmer on the back of the aussie dollar, which is fairly firm at the moment and kiwi's reluctantly followed it."
The kiwi's torpor had nothing to do with the Waitangi Day national holiday tomorrow, he said.
"There's no real interest in the kiwi, I just think that's the mood at the moment.
"There is some good two-way interest around the US42c area, so we're not too far away from that at the moment. I think we might go to that US42c area but I can't see it go too much higher (overnight)."
The kiwi remained unmoved by data out today showing that employment figures for the November quarter were up 3.1 per cent on the previous quarter, according to new employment data out today.
Statistics New Zealand said its quarterly employment survey showed employment, paid hours and gross earnings were all up, indicating a seasonal growth trend.
In offshore trade the US dollar kept a soft tone against major currencies after sharp losses in US equities fanned a less rosier view on the economic outlook.
Extending a retreat from three-year highs on the yen, the greenback was also weighed by official warnings that Japan did not want its currency to depreciate further.
At 5pm in Wellington the US dollar traded at 132.19 yen, a shade softer than last night's 132.20 yen.
On the crosses at 5pm the kiwi softened against all its major trading partners. It was buying A81.87c (A82.03c at yesterday's close) 55.35 yen (55.68) 0.4815 euro (0.4848), 29.43 pence (29.50), and 0.7106 Swiss francs (0.7162). The Australian dollar was buying $NZ1.2216 ($NZ1.2181)
The Trade Weighted Index was at 51.02 (51.16), 90-day bank bills were at 4.88 per cent (4.88) and the monetary conditions index was at minus 774 (minus 760).
On the debt market, the March 2002s were at 4.73 per cent (4.74), the April 2004s were at 5.79 per cent (5.85), the November 2006s at 6.34 per cent (6.39), and the November 2011s at 6.78 per cent (6.64).
- NZPA
<i>Currency:</i> Kiwi waddles along, eyes up US42c mark
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