The New Zealand dollar held in at US67c today despite the US dollar staging a small recovery against the euro.
The kiwi ended a thin local session on US67.12c, little changed from its US67.10c close yesterday.
The Australian dollar was at US76.75c (US76.80c).
Dealers said there was a reluctance to sell the New Zealand or Australian dollars despite the market being on standby for some "jawboning" from the European Central Bank about the extent of the euro's rise.
A senior Wellington dealer said it was understandable for traders to take profits on the euro given how far it had risen in short order, but even so, dips were still being sought.
"Though it (the euro) is coming off and there is a reasonable amount being sold, there are still people who want to buy it.
"And kiwi and aussie are totally ignoring it and staying bid.
"The fact that they have held up this well is probably indicative of a market that wants to buy kiwi and aussie in general."
The euro rebounded from its US$1.2643 opening to US$1.2697 but was still off from its US$1.2721 close here yesterday and a record high yesterday of $1.2812.
The kiwi made gains on all the crosses except the yen. At 5pm it was buying A87.38c (A87.33c), 0.5325 euro (0.5275), 71.20 yen (71.32), 36.95 British pence (36.87), and 0.8357 Swiss francs (0.8273).
The monetary conditions index was at plus 580 (573), the trade-weighted index was at 66.26 (66.14), and 90-day bank bills eased to 5.37 per cent from 5.39 per cent yesterday.
On the debt market, February 2006 bond yields were at 5.60 per cent (5.61) and November 2011 yields were at 6.00 per cent (5.99).
- NZPA
<i>Currency:</i> NZ dollar holds at US67c despite pressure on Euro
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