The New Zealand dollar remained in a tight trading range as financial markets await a key policy address by US President Donald Trump and a speech by Federal Reserve chair Janet Yellen at the end of the week. Locally, trade data and a business confidence survey may underline the strength of the NZ economy.
The kiwi traded at 71.97 US cents as at 8am in Wellington, from 71.94 cents late yesterday. The trade-weighted index was at 78.29 compared with 78.24.
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The New Zealand dollar has been confined to a range of about 71.27 US cents to 72.46 cents for almost three weeks, with markets waiting for details of Trump's policy plans while weighing the chances that the Fed will hike rates as soon as next month. US Treasury Secretary Steven Mnuchin said last weekend that Trump will use a speech on Tuesday to outline tax cuts for companies and the middle class, a move that would be seen as a boost to the US economy.