Kiwi stalled in holiday mode

Last updated 17:25 28/01/2013

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The New Zealand dollar tracked sideways against most major currencies amid lacklustre trading with Auckland and Australian investors sitting the session out due to regional holidays.

The Kiwi recently traded at US83.58 cents, little changed from US83.60c at 8am this morning, while on the Trade Weighted Index of major trading partners' currencies it slipped to 75.32 from 75.40. 

"For all intents and purposes, currency markets are closed," said Mike Jones, a market strategist at BNZ. "We're really just waiting for Auckland and Australia to come back."

He said Kiwi trading should to return to life with a roar tomorrow, thanks to a swathe of growth, payrolls and manufacturing data out of the US as well as an update from the Federal Reserve on its latest asset purchasing programme.

The risks are tipped to the numbers coming in weaker than expected, according to Jones, who sees the New Zealand dollar trading back above the US84c market before the end of the week.

"The kiwi not done with the US84c level yet," he said.

On the crosses, the kiwi recently traded at 80.19 Australian cents, down from A80.26 at 8am this morning, and was little changed at 76.12 yen from 76.11 yen earlier. The kiwi edged down to 62.11 euro cents from 62.16 euro cents, and rose marginally to 53.04 pence from 52.02 pence.

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- BusinessDay

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