The New Zealand dollar failed to attract international interest yesterday, despite the return of Japanese investors from the long Golden week holidays.
By the local market's nominal 5 pm close the kiwi was at 42.14USc, barely changed from Friday's 42.07c close.
"The kiwi traded in a very tight range," one currency dealer said. "It has just been kept between 42.15c and 42.20c all day."
Key trading partner the Australian dollar was equally dormant, unmoved by news from the Australian Bureau of Statistics that retail trade in Australia grew by 1 per cent in March, seasonally adjusted.
Data showing the number of job advertisements in major Australian metropolitan newspapers dropped by 3.2 per cent in April also fell on deaf ears, with the aussie ending locally at 51.89USc from 51.78c late Friday.
The Reserve Bank of Australia said it intervened in the foreign exchange market to the tune of $A1 billion over the January to April period as the Australian dollar fell to record lows.
The aussie reached its nadir of 47.75USc on April 2, declining from a January peak of around 57.30c.
Looking ahead, the main local news this week is the household labour force survey on Thursday, of particular interest because the Reserve Bank will be watching for inflation drivers as it prepares its monetary policy statement on May 16. Some analysts expect a small quarter of a percentage point cut in the official cash rate.
- NZPA
<i>Currency:</i> Aust data fails to stir currencies
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