Trading in the the New Zealand dollar was very quiet today, partly due to a holiday in New South Wales, according to one local dealer.
By 5pm the kiwi was at US58.35c, compared with Friday's close of US57.85c, while the aussie was at US65.14c (US64.82c).
The kiwi had traded in a US58.28c to US58.48c range on "very, very thin volume" the dealer said.
"We consolidated a little bit of the gains from Friday but we need another couple of days stargazing at the US data."
In New York the US dollar fell against major currencies on Friday after a mixed US jobs report muddied expectations of a strong economic recovery.
"The market was initially disappointed because the data wasn't as good as expected but overall it was showing improvements."
The dealer said the market would see over the next 24-48 hours if the kiwi can consolidate around its present levels or whether people would get back into a US dollar buying mode, " and kiwi goes back and tests this US57.50c level... The jury is still out," he said.
Tonight, he expected the kiwi to trade in a US58.10c to US58.50c range.
Meanwhile, by 5pm in Wellington the euro was at US$1.1274 (US$1.1233 at 5pm on Friday), and the US dollar was buying 119.92 yen (120.32).
Against the aussie the kiwi had gained slightly to A89.59c (A89.26c at 5pm on Friday), and on other crosses was buying 69.98 yen (69.57), 36.23 pence (35.89), 0.7954 Swiss francs (0.7912), and 0.5177 euros (0.5148).
The monetary conditions index was at plus 277 (247), the trade-weighted index was at 62.71 (62.31) and 90-day bank bill yields were at 5.08 per cent (5.08).
The February 2005 yields were at 5.07 per cent (5.07), the November 2006s were at 5.30 per cent (5.32), and the November 2011s were at 5.72 per cent (5.80).
- NZPA
<i>Currency:</i> Quiet day on thin volume for Kiwi
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