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NZ dollar little changed in quiet trading

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, April 21 NZPA - The New Zealand dollar had a quiet day today, while the Australian dollar firmed.

By 5pm the NZ dollar was buying US71.04c from US71.09c at 8am and US71.00c at 5pm yesterday.

Danica Hampton, currency strategist at BNZ, said it was a painfully quiet session.

The NZ dollar had been heavy against the Australian dollar but otherwise it was a featureless session.

It was at A76.26c at 5pm from A76.32c at 8am and A76.46c at 5pm yesterday.

The Australian dollar was firm, rising to US93.18c at 5pm from US92.83c yesterday.

The Australian dollar benefited from the improved investor sentiment resulting from strong United States bank earnings, growing expectations of interest rate hikes, and rising oil prices after some European flights resumed following disruption by Iceland's volcanic ash.

Investors were not as keen on the NZ dollar after inflation data released yesterday was weaker than expected.

Yesterday the NZ dollar climbed as high as US71.45c but plunged to around US70.85c when a lower than expected 0.4 percent rise in consumer prices in the March quarter was seen to reduce the likelihood of an interest rate rise in June.

The NZ dollar was at 0.5304 euro at today's local close from 0.5265 at the same time yesterday. It was at 66.24 yen from 65.76 yen yesterday.

The trade weighted index was 65.89 at 5pm from 65.75 yesterday.

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