$NZ quiet

Press, 28 July 1987, Page 26

$NZ quiet

PA Wellington The New Zealand dollar was little changed yesterday after opening lower. Dealers expect it to sit quietly until the next major political poll on Thursday. After opening at U559.78/60C, the kiwi drifted 15 points either side of 59.65 c before closing at 59.63/70C. Dealers expect the kiwi to ease further ahead of the August 15 elections, but domestic interest rates were still high enough to attract offshore buyers. The kiwi was likely to be without much direction until the results of the next Heylen-Eyewitness political poll expected on Thursday, dealers said. If the poll showed the two parties to be much closer than the last result,

the kiwi would probably slide and make its first major break from its one year upward trend, a dealer said. The Reserve Bank trade weighted index rose to close at 68.9 against its 9 a.m. fix of 68.7. It closed at 69.3 on Friday. Cross rates for the New Zealand dollar were AustB4.42c, 1.1050 Deutsche marks, 37.16 p, 89.256 yen and 0.9148 Swiss francs. The U.S. dollar was little changed at 1.8475/ 85dm and 149.25/35 yen, while the Australian dollar eased to 70.63/68c after opening at 70.80/ 85c. In Sydney, the Australian dollar closed slightly firmer at U570.78/83c against a steady U.S. dollar in quiet technical trading.

The Australian dollar finished slightly easier against the Reserve Bank’s trade weighted index at 56.0 from 55.9 earlier and 56.1 on Friday. It eased against most other currencies, to 1.3119dm from 1.3143, 105.89 yen from 106.67, 1.0855 Swiss francs from 1.0890 and 44.10 p from 44.17 p.