The New Zealand dollar dozed through the day yesterday, staying close to Wednesday's closing levels in line with the Australian dollar.
At 5pm the kiwi traded at US42.88c, not far from US42.87c at Wednesday's close, while the aussie remained a tad lower at US51.98c (US52c).
ANZ Investment Bank chief foreign exchange dealer Murray Hindley said the kiwi had had a very quiet day.
"It's been a very slow day, the range has been US42.87/43.00c. It's still holding its recent gains but it's just been a range-trading day, there hasn't been great interest in it."
Mr Hindley said the kiwi should trade between US42.60c and US43.20c overnight.
A downward revision in New Zealand's trade balance for January to the biggest deficit for almost two years had no impact on the kiwi, he said.
Statistics NZ confirmed the $265 million deficit for the month of January - meaning New Zealand imported more goods than it exported - was $20 million bigger than the provisional figure released last month. The country recorded a surplus of $94 million for January 2001.
In offshore trade the greenback retreated against the yen, albeit cautiously as a top Japanese forex official repeated his warning against a rapid rise in the yen.
In New Zealand at 5pm the US dollar was buying 128.85 yen, compared with 129.38 yen on Wednesday night.
On the crosses at 5pm the kiwi was buying A82.49c (A82.44c at Wednesday's close), 55.25 yen (55.45), 30.27 pence (30.32), 0.7176 Swiss francs (0.7204), and 0.4887 euro (0.4903).
The aussie was at $NZ1.2123 ($NZ1.2130 at Wednesday's close).
The trade weighted index was at 51.76 (51.82), the monetary conditions index was at minus 664 (minus 658), and 90-day bank bills were steady at 5.26 per cent.
On the debt market the April 2004 bonds were at 5.99 per cent (5.98), the November 2006s were at 6.63 per cent (6.66), and the November 2011s were at 6.87 per cent (6.92).
- NZPA
<i>Currency:</i> Slow day for Kiwi
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