The New Zealand dollar traded in a tight range again yesterday as it tested the US58c mark, a forex expert said.
At 5pm, the New Zealand dollar was buying US57.95c from US57.79c at 5pm yesterday, while the aussie was at US66.43c (US66.34c).
The kiwi traded between US57.78c and US57.98c yesterday.
BNZ currency strategist Sue Trinh said the kiwi's tight trading bracket was because of rangebound trading among the major currencies.
"The kiwi started off about US57.80c and moved up to test the US58c figure but it never really broke through," Ms Trinh told NZPA.
"It came off again and pretty much went sideways from there.
"It might actually have a go at testing that US58.10c resistance, which is the high from last night," she said.
The kiwi would look to the greenback and euro for direction.
Against the aussie the kiwi was A87.24c (A87.10c).
The euro was at US$1.1766 at 5pm in Wellington from US$1.1762 at 5pm last night.
The US dollar was buying 117.64 yen (117.74).
On the crosses at 5pm, the kiwi was buying 68.16 yen (68.04), 34.67 pence (34.62), 0.7599 Swiss francs (0.7554), and 0.4925 euro (0.4912).
The monetary conditions index was at plus 166 (155), the trade-weighted index was at 61.11 (60.98) and 90-day bank bill yields were at 5.28 per cent (5.27).
The February 2005 yields were at 4.71 per cent (4.77), the November 2006s were at 4.72 per cent (4.78), and the November 2011s were at 5.01 per cent (5.08).
- NZPA
<I>NZ currency:</I> Kiwi traded in tight range yesterday
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