The New Zealand dollar was mixed and confined to a fairly narrow range yesterday.
Economists said it did not react to the Reserve Bank of New Zealand quarterly survey of inflation expectations, when it probably should have.
The survey showed a rise in the two-year-ahead inflation expectation to 2.61 per cent from 2.25 per cent in the previous quarter.
Westpac said the odds of a hawkish tone in the December monetary policy statement just got higher.
The kiwi was at US72.80c at 5pm from US73.29c at 8am and US72.66c at 5pm on Monday.
It spent much of the afternoon in a narrow range between US72.79c and US72.95c.
At 5pm the NZ dollar was up to €0.4871 and 64.70, from €0.4863 and 64.60 at 5pm yesterday.
Against the Australian dollar, the NZ dollar lifted to A79.07c from A79c on Monday, while the trade weighted index moved up to 64.92 from 64.82.
BNZ Capital senior strategist Danica Hampton said investor sentiment had made a swift about-turn during the past 24 hours.
Stronger than expected US home sales figures were among upbeat global data that helped ease some concerns about the global outlook.
Equity markets rebounded and commodity prices were dragged up by a surge in gold, she said.
- NZPA
Inflation survey fails to move kiwi
AdvertisementAdvertise with NZME.