It was more of the same for the New Zealand dollar today, with trading confined to a tight range as it was last night.
At 5pm the kiwi was buying US58.78c from US58.52c at market's close yesterday after trading in a very narrow US58.66c to US58.81c range. Against the aussie the kiwi was A88.51c (A88.48c).
ANZ Investment Bank senior dealer Mark Elliott said the kiwi was consolidating recent gains at the moment with good two-way flows today but not a lot of movement.
However, "it looks like it's building for another burst up into the 59s," he said.
"I would say US59.25c -- US59.50c at some point this week.
"I would deem it to be toppish around there and we should see a sell off back from those high levels, and the sell off could be the start of something a little more exciting," he said.
Mr Elliot expected the kiwi to trade in a range tonight of US58.70c to US59.20c.
The euro was at US$1.1503 at 5pm in Wellington from US$1.1476 at 5pm last night.
The US dollar was buying 119.24 yen (119.12).
On the crosses at 5pm, the kiwi was buying 70.11 yen (69.68), 36.15 pence (36.15), 0.7913 Swiss francs (0.7893), and 0.5112 euro (0.5099).
The monetary conditions index was at plus 266 (248), the trade-weighted index was at 62.58 (62.37) and 90-day bank bill yields were at 5.08 per cent (5.06).
The February 2005 yields were at 5.03 per cent (4.95), the November 2006s were at 5.27 per cent (5.20), and the November 2011s were at 5.74 per cent (5.64).
- NZPA
<i>Currency:</i> Narrow trading continues for kiwi
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