The New Zealand dollar yesterday continued its very quiet week, closing a little weaker having traded in a minimal nine-basis-point range.
It finished at 45.99USc, down from 46.14c on Tuesday.
The kiwi is not alone in being the doldrums - global markets are also rather quiet.
The aussie was at 58.90USc (59.17c).
A local currency dealer said the kiwi needed the Australian dollar to break 58.70USc for a move on the downside and 59USc for an upwards move.
A speech by Finance Minister Michael Cullen had no impact on the unit. He said both the New Zealand and Australian dollars were undervalued and the central bank might hold off lifting interest rates at its next set-piece statement, depending on how the bank viewed the country's growth outlook.
Other than its Australian cousin, the kiwi lacks catalysts in the short term. Tomorrow, the ANZ commodity price index for June comes out and June-quarter inflation numbers are due on Monday. After that, the main local focus will be the Reserve Bank's monetary policy statement on August 16.
The debt market also continues to be quiet, shorter-term maturities having rallied a little on the view that economic growth will be flat for the second quarter. The 90-day bills are around the lowest level since the May monetary policy statement.
- NZPA
Kiwi finishes under 46USc
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