The New Zealand dollar followed in the footsteps of the euro today but failed to match the single currency's record levels.
The euro traded as high as $US1.189 today in quieter than normal world markets as a result of holidays in the US and UK.
One local dealer said the kiwi had a lacklustre day with a fairly narrow range of US58.47/69c, although it could stretch above the US58.70c level tonight.
"All we've done is follow the euro and the aussie today," he said.
"The aussie's probably moved a wee bit further than us - we've finished about A88.50c on the cross today, that's about where we started the day as well.
"Not too much going on but it's the same-old same-old - as the US dollar gets weaker the kiwi gets stronger," he said.
By 5pm the kiwi was at US58.58c, slightly higher than last night's US58.42c, while the aussie was at US65.99c (US65.91c).
Statistics New Zealand said today that exports fell in April, although the trade surplus of $17 million bettered expectations of a $9 million deficit.
In addition, a National Bank of New Zealand regional trends survey today showed national average growth of 3.8 percent for the first quarter, compared with 1 percent growth in the previous quarter.
Data coming up includes the National Bank Business Outlook and the wholesale trade survey on Friday, and the Reserve Bank's Monetary Policy Statement on June 5.
In Tokyo the euro hit a record high against the dollar at $US1.1895, according to electronic broker EBS which recorded a previous high point of $US1.1886. However, on Reuters data the peak is $US1.1906.
With European officials apparently unconcerned by its strength, and doubts over Washington's commitment to a strong US dollar, dealers said there was little to hold the euro back.
In Wellington at 5pm the euro was at $US1.1844, compared with $US1.1823 yesterday, while the US dollar was at 116.88 yen (116.83).
On the crosses at 5pm, the kiwi was buying A88.50c (A88.63c at 5pm yesterday), 0.4940 euro (0.4945), 68.36 yen (68.30 yen), 35.67 pence (35.64), and 0.7539 Swiss francs (0.7543).
The monetary conditions index was at plus 210 (213), the trade-weighted index was at 61.65 (61.66) and 90-day bank bill yields were at 5.26 percent (5.30).
Bonds fell today, although not to the extent of the benchmark US 10-year Treasuries which dipped towards a 45-year low in Asian trade on buying by risk-averse Japanese banks.
The February 2005 yields at 4.88 percent (4.91), the November 2006s at 5.04 percent (5.08), and the November 2011s at 5.33 percent (5.39).
- NZPA
<i>Currency:</i> NZ dollar follows in footsteps of Euro, Aussie
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