WELLINGTON - After another busy night the New Zealand dollar mainly snoozed its way through yesterday's trading before closing flat at 51.34USc, "Most of the action in the kiwi seems to be happening overnight at the moment. The range yesterday was 51.27c to 51.48c which was pretty quiet given what we have seen offshore," a dealer said.
"There were no real local influences. The biggest flow overnight was a US name buying a large amount of kiwi and kiwi-aussie stop loss buying.
"It is a mixed market. I don't think it knows where to take the kiwi at the moment."
The Australian dollar locally was down at 63.70/76USc, from 64.21/26c at its close on Thursday.
On the crosses the kiwi was ahead to 80.57Ac, from Thursday's 79.98c, while against other major currencies it was 53.89 yen (53.93 yen), 31.62 pence (31.27p), 0.4946 euro (0.4901 euro), 0.9673 marks (0.9586), and 0.7990 Swiss francs (0.7888).
The trade-weighted value of the local currency was higher at 54.77, and monetary conditions tightened with the index at minus 379, from minus 398.
In the debt market bond prices firmed with the longer dated end four basis points stronger. The yield on 90-day bank bills ended at 5.27 per cent.
NZPA
Kiwi finishes above 80Ac
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