The New Zealand dollar slowly moved up through the 46USc mark yesterday on the back of gains in the Australian currency but did not manage to stay there long, a currency dealer said.
The kiwi ended the day's trading at 45.94USc, down from 46.08c at Thursday's nominal 5 pm close. The Australian dollar was steady on Thursday's local market closing price of 59.17USc.
Once the aussie broke through 59USc, the kiwi also picked up but if the Australian dollar came off again overnight, the local currency could be expected to follow, the dealer said.
"We're not expecting the kiwi to do anything special overnight," he said.
The National Bank business confidence survey released yesterday showed confidence was bouncing back.
The Hongkong and Shanghai Banking Corporation said in its daily currency commentary that this was probably due to the Government's attempts to appease the business community's concerns over its social and economic policies.
On the cross rates, the kiwi was worth 77.64Ac (77.88c), 50.09 yen (50.30), 30.41 pence (30.41), 0.9636 marks (0.9547) and 0.4927 euro (0.4882).
The TWI was relatively steady and with the 90-day bill yields at 6.83 per cent (6.82), the MCI tightened slightly.
Bonds were weaker overall, with the February 2001s at 6.79 per cent and November 2011s at 6.72 per cent.
- NZPA
Kiwi slips back through 46USc
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