The New Zealand dollar traded in a relatively wide range today on thin trade.
By 5pm the kiwi was at US59.71c from US59.38c late yesterday, while the aussie rose to US69.31c (US69.06c).
A local dealer said trade in the kiwi had been slim but today's range had been relatively wide at US59.48c to US59.780c.
"We've tickled US59.80c, gone down to US59.48c and then back up to US59.70c.
"So a reasonable amount of movement within the day really reflective of a relatively thin market rather than anthing else," he said.
The dealer said the market was waiting to see a resumption of US dollar selling, " But so far it's just not happening really and people are just questioning why, and wondering if there is some deeper correction in the US dollar recovery to happen before we do see that."
"The market's just a little bit nervous that there may be another downward leg in the kiwi and another resurgence of the US dollar before we return to US dollar selling," he said.
The dealer picked a range tonight of US59.25c to US59.85c.
Meanwhile in Wellington by 5pm the euro was at US$1.1636 from US$1.1627 late yesterday, while the greenback was at 109.83 yen (109.72).
On the crosses the kiwi was buying A86.14c (A85.99c yesterday), 65.56 yen (65.17), 0.5132 euro (0.5107), 35.73 pence (35.47), and 0.7967 Swiss francs (0.7927).
The Australian dollar was at $1.1609 ($1.1627).
The monetary conditions index was at plus 221 (197), the trade-weighted index was at 61.85 (61.56), and 90-day bank bill yields were unchanged at 5.21 per cent.
The February 2005 government bond yields were at 5.47 per cent (5.44), the November 2006s were at 5.81 per cent (5.79), and the November 2011s were at 6.09 per cent (6.10).
- NZPA
<i>NZ stocks:</i> Market hesitancy sees slim trade in Kiwi
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