The New Zealand dollar was little changed against the greenback ahead of tonight's dairy auction and held onto its gains versus the euro amid political uncertainty in Germany.
The kiwi dollar traded at 68.07 US cents as at 8.30am in Wellington from 68.11 cents late yesterday. It fell as low as 67.79 cents last week, the lowest since mid-2016. The kiwi traded at 58.01 euro cents from 58.03 cents yesterday, when it gained after reports that German coalition talks broke down.
Tonight's GlobalDairyTrade auction comes after three consecutive declines in dairy product prices and against a backdrop of commodity currencies being generally out of favour. Ahead of the auction there is little of note on the domestic economic calendar. The kiwi gained against the euro yesterday after German coalition talks stalled when the Free Democratic Party said it couldn't work with the Green party.
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