NZ dollar down on Christmas quietness

JAZIAL CROSSLEY
Last updated 18:09 21/12/2012

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The New Zealand dollar fell against the greenback today with quiet trading leading in to the Christmas period.

The kiwi recently traded at US83.00c, down from US83.37c. It was at 74.30 on the Trade Weighted Index against major trading partners' currencies, down from 74.50.

DirectFX currency adviser Sam Coxhead said there was very little happening today in the kiwi today.

"Once the congress in the United States announced they're adjourning for the week until after Christmas we saw a little bit of softening in the kiwi and aussie along with risk assets," Coxhead said.

"I imagine the kiwi will float around in very thin markets with long periods of quiet trading as things are looking very illiquid in to the New Year."

On the crosses it was at 79.44 Australian cents, down from A79.49c earlier. It was at 62.90 euro cents, down slightly from 62.93 euro cents earlier. It was down to 51.08 pence against the British pound, from 51.20 pence in the morning. Against the Japanese yen it fell to 69.68 yen, down from 70.39 yen earlier.

Coxhead expected the kiwi to trade between US82.00c and US84.00c with a bias towards the downside.

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- © Fairfax NZ News

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