WELLINGTON - The New Zealand dollar traded in a tiny range today after dropping half a cent in overnight trade.
The kiwi closed at US60.48c compared with its US61.06c close yesterday. The kiwi dropped after it failed in its third attempt to break resistance at US61.20c overnight, eventually collapsing underthe weight of a stronger US dollar.
It also fell on all of its other major crosses. Against the Australian dollar, it closed on A81.52c, against A82.02c yesterday.
The trade-weighted index closed on 60.84 against 61.23 yesterday.
The Australian dollar ended on US74.22c against yesterday's close of US74.55c.
The US dollar eased as investors grew cautious ahead of a European Central Bank policy meeting that could set the stage for higher interest rates.
Dollar buying against the yen also fell off as security concerns eased slightly a day after North Korea defied international warnings and tested a series of missiles.
"There is no reason to sell the dollar but there is also no fresh factor to justify further dollar buying today," said Kaoru Kondo, chief forex analyst at Fisco.
