The New Zealand dollar dipped to a one-week low around US72.10c against the greenback, but then struggled higher to end the overnight session little changed.By 8am the kiwi was buying US72.49c from US72.46c at 5pm, with the NZ currency having taken a hit
The New Zealand dollar dipped to a one-week low around US72.10c against the greenback, but then struggled higher to end the overnight session little changed.
By 8am the kiwi was buying US72.49c from US72.46c at 5pm, with the NZ currency having taken a hit earlier yesterday after the Reserve Bank held the official cash rate at 3 percent and signalled a longer pause in rate increases than expected.
BNZ markets strategist Mike Jones said the NZ dollar remained vulnerable to a test of support in the US71.55c to US71.75c window, which it had traded above since earlier this month.
Against the Australian dollar the kiwi slumped to a five-month low around A77.10c, but by 8am it had edged back to A77.35c, similar to its level at 5pm.
The NZ dollar also fell to a fortnight low 0.5513 euro early today, then nudged back up to 0.5541 at 8am, still down from its 5pm level of 0.5576.
The kiwi did regain some ground against the Japanese currency overnight, rising to 62.20 yen at 8am from 61.90 at 5pm, having reached a six-week high against the Japanese currency near 63 yen early yesterday.
The yen fell broadly in the past few days after Japan sold an estimated 1.8 trillion yen ($NZ28.92 billion) for US dollars, a record for a single day, to help its exporters and increase money supply to counter deflation.
The euro rose to its highest in more than a month against the greenback and the yen after strong demand at a Spanish bond auction reinforced confidence in Europe's economic recovery.
