Kiwi up in limited range

Last updated 17:32 11/07/2012

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The New Zealand dollar was up against the greenback today but traded within a tight limited range as activity was muted across foreign exchange, equities and commodities markets around the globe.

The kiwi recently traded at US79.47c, up from US79.32c. On the Trade Weighted Index against major trading partners' currencies it was at 72.30, up from 72.19 in the morning.

HiFX currency trader Alex Hill said the kiwi moved very little today as it was a very quiet day on the currency market.

"Stock markets were a bit weaker last night although there was some positive news out of Europe as European policy makers committed $30 billion euro to be available by the end of July if needed.

"Commodities were a bit lower, the index was down around 1.5 per cent last night. Oil was down 2 per cent. We're really in a holding pattern."

On the crosses, the kiwi recently traded at 77.87 Australian cents, down slightly from A77.89c in the morning. It was at 64.82 euro cents, up from 64.17 euro cents earlier. Against the Japanese yen it was at 63.03, up from 63.00 yen earlier, and was at 51.20 pence, up from 51.13 pence earlier.

Hill expected the kiwi to trade between US79.20c and US79.80c overnight with a bias towards the downside.

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- © Fairfax NZ News

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