The New Zealand dollar today gave up some of its overnight gains thanks to its weakening cross with the Australian dollar, a dealer said.
At 5pm, the kiwi was at US71.33c (from 71.08c at 5pm last night). It began today's session at US71.51c and ranged between US71.61c and US71.27c.
A National Bank currency dealer said the kiwi had spent today consolidating its overnight gains.
"The thing that's taken the kiwi down today is the kiwi-aussie cross," the dealer told NZPA today, noting it had fallen below the A92.50c support level.
"So that's kept a cap on the kiwi on the day but it should find some support (against the greenback) at the US71.10/20c area and make its way higher," he said.
The kiwi had also retreated -- very slightly -- from its 7-1/2 year high against sterling. At 5pm, the kiwi was fetching 39.17 pence (39.10), having opened at 39.24 pence.
The kiwi trade-weighted index had also come off its 20-year high to close at 71.49 (71.45), from 71.62 at 8.30am.
On its other major crosses, the kiwi was at 0.5895 euro (0.5888), 77.70 yen (77.71) 0.9078 Swiss francs (0.9057), and A92.37c (A92.70c).
The kiwi's overnight gains came on the back of mixed economic data out of the US; the business outlook being worse than expected while employment data was better than forecasts.
At market's close, the euro was at US$1.2102 (US$1.2075), the aussie was at US77.24c (US76.70c), and the greenback was at 108.94 yen (109.33).
The monetary conditions index was at plus 1128 (1127).
On the money markets, 90-day bank bill yields were at 7.05 per cent (7.06), July 2009s were at 5.93 per cent (5.95), and April 2015s were at 5.79 per cent (5.82).
- NZPA
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