KEY POINTS:
The New Zealand dollar briefly broke above US67c today but was unable to hold the mark.
By 5pm it was on US66.97c, virtually unchanged from its opening and against US66.80c at 5pm yesterday. Against the Australian dollar the kiwi closed little changed on A86.82c from A86.78c yesterday afternoon while the trade weighted index ended on 66.77 from 66.74.
ANZ bank said October migration data released yesterday helped counter slightly lower inflation expectations revealed in a Reserve Bank survey.
Failed attempts by the NZ dollar to move through resistance around US67.20c continued to demonstrate the significance of that level.
It would require both US dollar weakness and Australian dollar strength to breach that chart point but ANZ doubts it will occur.
The World Bank sold $39 million in three-year kiwi uridashi bonds overnight while a $100m eurokiwi was issued by Germany's KWF.
October's trade data due on Friday, is expected to show a narrowing deficit.
Trading in the US dollar was sluggish ahead of the US Thanksgiving holiday. The dollar fell in the absence of key economic data.
Traders said that selling by Japanese exporters drove the US currency down, with many exporter orders now set at lower dollar/yen levels than before -- reflecting growing wariness of the dollar's downside risks.
Such risks include the slowing US economy and the erosion of the dollar's interest rate advantage.
Although market players expect the Federal Reserve to keep rates at 5.25 per cent for now, many believe that the next policy move will be a rate cut rather than a hike.
The dollar came under some pressure yesterday as the White House lowered its forecast for US economic growth this year and next, saying the economy is moderating.
The euro inched up to US$1.2855 from around US$1.2845.
Reuters currency rates:
5pm today 5pm yesterday
NZ dlr/US dlr US66.97c US66.80c
NZ dlr/Aust dlr A86.82c A86.78c
NZ dlr/euro 0.5212 0.5212
NZ dlr/yen 78.82 78.92
NZ dlr/stg 35.21p 35.22p
NZ TWI 66.77 66.74
Australian dollar US77.18c US76.98c
Euro/US dollar 1.2853 1.2815
US dollar/yen 117.67 118.08
- NZPA