Kiwi stalled in holiday mode

JASON KRUPP
Last updated 17:25 28/01/2013

Relevant offers

Money

House of Travel, Nakedbus drop 'opt-out' pricing: Jetstar still defiant ANZ to top up KiwiSaver for staff on parental leave FMA drops Capital + Merchant civil claim Retirement villages are booming, but school up before making the move Departing Banking Ombudsman's challenges included suicidal customers Jostling for share of the funeral payment market HSBC enters the mortgage wars with 4.49 per cent offer Heartland New Zealand will update on dairy loans in three weeks NBR Rich Lister calls out the super wealthy Graeme Hart tops NBR's 2015 Rich List

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.

Ad Feedback

- BusinessDay

Special offers

Featured Promotions

Sponsored Content