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NZ Dollar Settles Into Range Below This Week's High

Fuseworks Media
Fuseworks Media

Wellington, July 24 NZPA - The New Zealand dollar was little changed today after spiking near this week's 9-1/2-month high during Thursday night trading.

By 5pm the NZ dollar was at US65.52c from US65.71c at 8am and US65.95c at 5pm yesterday. It peaked at US66.26c, according to Reuters data.

Attention is now turning to next Thursday's official cash rate review by the Reserve Bank of New Zealand (RBNZ) even though the central bank is expected to leave the rate unchanged at 2.5 percent.

The trade-weighted index is tracking about 5 percent above the RBNZ's June projections. The central bank's main concern is that the stronger currency could make the recovery lopsided, Westpac said in a commentary.

The Australian dollar also traded in a range today and investors looked ahead to a speech by Reserve Bank of Australia governor Glenn Stevens on Tuesday on challenges for economic policy.

The NZ dollar was lower against the Australian dollar at A80.40c AT 5pm from A80.55c yesterday.

AMP Capital today said the NZ dollar was below its fair value against the Australian dollar of around A87c, which should help exporters to Australia.

The NZ dollar closed at 62.12 yen, little changed from 62.10 yen yesterday.

The trade weighted index fell to 61.42 at 5pm from 61.62 yesterday.


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