The New Zealand dollar ended weaker and on its lows yesterday as overseasselling after Monday's grim business confidence data outweighed exporter buying.
The kiwi finished at 45.74USc from 45.91c on Tuesday, trading in a thin 20- point range.
"Really the market is pretty much domestic data driven at the moment," a currency dealer said. Offshore people were simply reacting to the latest piece of bad news - Monday's Institute of Economic Research quarterly confidence survey.
The New Zealand dollar fell overnight Tuesday after the euro dragged down the Australian dollar, which in turn led to pressure on the kiwi, the Hongkong and Shanghai Banking Corporation said.
The closing tone yesterday was bearish.
The next focus is Federal Reserve chairman Alan Greenspan's speech tomorrow morning (NZ time).
The Australian dollar finished lower at 58.10USc from 58.47c.
On the crosses the kiwi was at 78.73Ac (78.52c), 30.59 pence (30.74), 0.9676 marks (0.9597), and 0.4944 euro (0.4907).
- NZPA
Kiwi weaker on foreign selling
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