WELLINGTON - The New Zealand dollar experienced quiet trading yesterday, dampened by the American market closing early for Independence Day and today's local official cash rate review.
Local currency markets were slow, with the kiwi trading in the 46.57USc to 46.77USc range, and closing on its lows, a Deutsche Bank currency dealer said.
The kiwi ended at 46.59c, from 46.83c at the close on Monday.
Until the US markets return tomorrow New Zealand time, brokers said, the focus would be on interest rate announcements from the New Zealand and Australian central banks today.
However, neither is expected to change interest rates.
The dealer expected the kiwi to trade between 46.40c and 46.80c overnight.
The Australian dollar closed on the local market at 59.82c (59.97c on Monday).
On the crosses the kiwi was at 77.87c, 49.54 yen, 30.80 pence, 0.9620 marks, 0.7638 Swiss francs and 0.4919 euros (0.4913).
The Trade Weighted Index was at 51.73 (51.86) and with the 90-day bill yields on 6.83 per cent, the MCI eased to minus 510 (minus 495).
Bonds rallied, with the February 2001s at 6.73 per cent (6.82), November 2006s at 6.70 per cent (6.71), and November 2011s at 6.65 per cent (6.71).
NZPA
Kiwi awaits cash rate review
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