WELLINGTON - The New Zealand dollar finished lower in bumpy trading yesterday. There was a lot of heavy selling amid the rumour that Telecom NZ was eyeing the mobile phone business of Cable & Wireless Optus, a currency dealer said.
"Trading was quite whippy. I don't think there were too many happy people in the market. I don't think anyone really made a lot of money."
At the local open yesterday the kiwi tried to push lower but held for a while at 46.65USc to 46.70USc, glimpsed 47USc, then "came off crashing quite heavily.
"We seem to have stopped and capped at 46.50USc to 46.55USc on the downside. We think there should be support at 46.50USc to 46.60USc."
The kiwi, which opened at 46.78USc, closed down at 46.61USc.
The Australian dollar locally ended a tad firmer at 60.22USc, from 60.19USc at Wednesday's close.
In the bond market, prices were mostly steady. Compared with their closings yesterday, the April 2004s were unchanged at 6.85 per cent; the November 2006s at 6.84 per cent; and July 2009s at 6.78 per cent.
In New York, US treasuries ended mixed after the February Reserve, as expected, left interest rates unchanged. Similar inaction on rates is expected from the local Reserve Bank when it reviews its official cash rate next week. Locally, overnight, cash remained at 6.50 per cent.
NZPA
Kiwi down in erratic trade
AdvertisementAdvertise with NZME.