The New Zealand dollar consolidated in a narrow range at higher levels in quiet trading today.It fell on Thursday on disappointment that the Reserve Bank did not say more about when it will raise rates.The central bank kept the official cash rate unchange
The New Zealand dollar consolidated in a narrow range at higher levels in quiet trading today.
It fell on Thursday on disappointment that the Reserve Bank did not say more about when it will raise rates.
The central bank kept the official cash rate unchanged and said it expected to remove policy stimulus in coming months.
The debate continued today about what in coming months means.
On Thursday night, the NZ dollar came back in favour, and was seen as benefitting from eurozone turmoil.
By 5pm today it was 72.48USc, having risen to 72.33USc at 8am from 71.66USc at 5pm yesterday. It spent most of today between 72.21USc and 72.51USc.
"It has been a very quiet day," said Murray Hindley, ANZ chief foreign exchange dealer. "It closed toward the top end of the range, which bodes well for next week."
Investors are still watching to see if Greece takes austerity measures to open the way for financial aid.
Next week the focus will also be on the Reserve Bank of Australia with the market estimating a 60% chance of a rate rise in Australia on Tuesday.
The Henry tax review is also due out in Australia on Sunday.
The NZ dollar was €0.5470 at 5pm from €0.5421 at the same time yesterday.
It was at ¥68.14 from ¥67.27 yesterday and was at 77.91Ac from 77.48Ac.
The trade weighted index was 67.62 at 5pm from 66.99 yesterday.
