Kiwi trades in narrow range, focus on Bank of Japan

The New Zealand dollar was trading in a narrow range as traders waited for direction on Japanese monetary policy and for US markets to gear up again after the Martin Luther King holiday.

The kiwi was at 83.63 US cents at 8am today, little changed from 83.60 cents at 5pm yesterday.

The currency traded in a relatively narrow range overnight because of the holiday in US markets and inauguration of President Barack Obama, one dealer says.

He saysstatements by the Bank of Japan later today are expected to be main event in markets today.

Economists in a Bloomberg News survey expect the central bank to expand asset purchases after a two-day meeting ends.

The kiwi was at 75.06 yen at 8am from 74.95 at 5pm yesterday.

Further stimulus in Japan may weaken the yen more but strategists say traders are holding large short yen positions and the yen could rise on profit-taking.

Otherwise, equities in Europe advanced as Germany's central bank said the nation's economy is showing signs of recovery in the first quarter of the year.

The Bundesbank forecasts the German economy to grow 0.4 percent in 2013 year and 1.9 percent in 2014. Europe's largest economy contracted 0.5 percent in the fourth quarter of 2012, data last week shows.

The kiwi was at 79.52 Australian cents from 79.50 Australian cents at 5pm yesterday, was 62.80 euro from 62.77 euro and 52.84 British pence from 52.69 pence.

The trade-weighted index was little changed at 75.21 from 75.14 yesterday.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.0000 0.0000 0.00%
AUD 0.0000 0.0000 0.00%
EUR 0.0000 0.0000 0.00%
GBP 0.0000 0.0000 0.00%
HKD 0.0000 0.0000 0.00%
JPY 0.0000 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 0.0 0.000
Oil Brent 0.0 0.000
Oil Nymex 0.0 0.000
Silver Index 0.0 0.000

Indices

Symbol Open High Last %
NZX 50 0.0 0.0 0.0 0.00%
NASDAQ 0.0 0.0 0.0 0.00%
DAX 0.0 0.0 0.0 0.00%
DJI 0.0 0.0 0.0 0.00%
FTSE 0.0 0.0 0.0 0.00%
HKSE 0.0 0.0 0.0 0.00%
NI225 0.0 0.0 0.0 0.00%