NZD up slightly, in tight range

Last updated 17:23 23/10/2012

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The New Zealand dollar had a quiet start to the short week, inching up against the greenback today after trading lightly within a tight range.

The kiwi recently traded at US81.64c, up from US81.58c. It was at 72.90 on the Trade Weighted Index against major trading partners' currencies, up from 72.72 in the morning.

ASB Institutional head of institutional FX sales Tim Kelleher said the kiwi had dipped in the morning on poorly performing US equity markets, but there was no data due out tonight to give it direction.

"The kiwi is not going anywhere fast. It is probably slightly on the defensive side."

Locally this week, eyes will be on new Reserve Bank of New Zealand governor Graeme Wheeler's first Official Cash Rate announcement on Thursday.

"We don't think there will be any change. He may try to talk the currency down slightly but really he will probably just sit on his hands," Kelleher said.

On the crosses the kiwi was at 79.12 Australian cents, up from A78.99c in the morning. It was at 62.54 euro cents, up marginally from 62.53 euro cents earlier. The kiwi fell to 65.17 Japanese yen, from 65.21 yen earlier. It was at 50.98 pence, up slightly from 50.97 pence earlier.

Kelleher expected the kiwi to trade between US82.00c and US83.25c overnight.

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