Kiwi dollar eases lower

ELOISE GIBSON
Last updated 19:00 21/01/2013

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The New Zealand dollar eased lower today on a dearth of data as investors await news from Japan and the United States.

The kiwi recently traded at US83.54c, little changed from US83.69c at 8am this morning.

During the day the yen sank to a fresh 2-1/2 year low against the greenback in the lead up to a Bank of Japan meeting that could see the central bank commit to aggressive reflationary policy.

Westpac market strategist Imre Speizer expected a dull trading session overnight with the United States closed for Martin Luther King Jr. Day.

If the Bank of Japan announces bolder than expected easing steps this week it will boost the kiwi, he said.

The market had already priced in aggressive easing measures.

In the United States, a ''yes'' vote on Wednesday night for a temporary extension of the debt ceiling would also boost the kiwi, Speizer said, while a ''no'' vote would depress it.

On the crosses, the New Zealand dollar recently traded at 79.43 Australian cents, down from 79.55 this morning, and fell to 74.89 yen from 75.34 yen.

It closed at 62.73 euro cents, down from 62.86 euro earlier, and 52.66 pence, down from 52.78 pence.Speizer said the kiwi may trade in a range between US83.35c and US83.80 overnight.

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- © Fairfax NZ News

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