Kiwi up again
PA Wellington The New Zealand dollar closed slightly higher in Wellington yesterday after quiet trading and is expected to continue rangetrading early next week.
It ended the week at U561.90/00c, compared with its opening of U561.70/80C and its close on Thursday of U 561.95/ 05c.
The kiwi traded during the day in a narrow range from U561.55c to US6I.BBC. Dealers said further falls on the New Zealand sharemarket added to bearish sentiment for the currency but short covering propped up the unit.
Dealers said a late Asian buying flurry in thin trading took the unit higher, but it was unable to break through US62c
convincingly. The Reserve Bank’s traded weighted index closed at 69.7, after opening at 69.2. In its weekly currency report, the Westpac Banking Corporation is forecasting a trading range for the kiwi to next Thursday of U560.50c to U562.50C.
In Sydney yesterday, the Australian dollar closed lower in dull trading at U569.28/33. After closing in London overnight at U569.42/47C, the Australian dollar opened in Sydney at U569.45/50c, unchanged from its close on Thursday.
Dealers said volumes yesterday were miniscule, currency markets trading nervously while awaiting clear direction. On the Reserve Bank’s trade weighted index the
Australian dollar slipped to 52.1 points after opening steady from Thursday night at 52.2.
The Australian dollar eased to SNZI.IIBB from $NZ1.1220 at the Thursday close.
The United States dollar closed mixed at 1.6790/00 marks and 135.38/48 yen.
In New York on Thursday (early yesterday, N.Z. time), the United States dollar edged lower in quiet trading as traders eyed- faltering Budget negotiations in Washington with increasing pessimism that they said could spark a new sell-off of the currency.
Currency traders said the dollar generally moved in accordance with the latest reports from the Washington Budget negotiations, where the White House and Congress were attempting to hammer out a plan to cut the Federal deficit.
In New York, the dollar slipped to 135.225 Japanese yen from late Wednesday’s 135.50 yen. The British pound sterling rose to $U51.7785 from Wednesday’s $1.7740. Other late dollar rates in New York, compared with late Wednesday’s rates, included: 1.6804 marks, down from 1.68475; 1.3775 Swiss francs, down from 1.3835; and $Can1.31075, down from $Can1.31615.
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Press, 21 November 1987, Page 27
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369Kiwi up again Press, 21 November 1987, Page 27
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