The New Zealand dollar finished flat yesterday amid slim interest, unaffected by June quarter jobs data.
The kiwi closed at 45.53USc (45.52c at Wednesday's nominal 5pm finish) on light volumes.
Jon Clarke, a director at Treasury consultancy Greenwich Financial Services, said once again the American dollar was the main focus globally.
"It's not really fair to say it's kiwi weakness recently. The euro, the Australian dollar and also the kiwi have all been under pressure against a pretty strong US dollar.
"We need capital inflows into things like the sharemarket and Government stock. We're just not seeing it," Mr Clarke said. Until that happened the kiwi would remain unstable and weak.
He warned the primary export season was over and the country traditionally ran merchandise trade deficits in the second half. This was dangerous for a currency already weighed down by a huge current account deficit.
"We're not going to see any follow-through buying on the kiwi until the market feels comfortable that the aussie is going to be able to hold its gains and push higher," Mr Clarke said.
Mr Clarke said the job numbers supported a general view that the Reserve Bank would leave interest rates unchanged at its next big statement on August 16, although it might move in October.
- NZPA
Kiwi shrugs off job numbers
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