Dull day for N.Z. dollar
PA Wellington The New Zealand dollar continued its recent nar-row-range trading pattern as the new financial year failed to spark any movement.
The kiwi dollar closed at U561.35/45C against its opening 61.45/55 and its close on Friday of 61.55/ 65. It stayed in a narrow 25-point range all day to a low of 61.27. The market was dull and without direction, dealers said.
They forecast more of the same for the rest of the week and probably longer.
The start of the new financial year proved to be an anti-climax for the kiwi dollar, one dealer said. It needed to break 61.40 to rekindle buying. There was not much exporter interest at the moment and there was speculation that they might be holding off in the hope the kiwi dollar would fall “over the next month or so.”
A downward pressure on interest rates would also spark a bit of movement, the dealer said.
On the cross rates at yesterday’s close the kiwi dollar had hardly changed from its opening quotes against the other main currencies. It was worth Aust74.9sc, 1.16 marks, 36.64 p, 81.24 yen and 1.0183 Swiss francs. The Reserve Bank trade weighted index closed exactly at its opening fix of 60.8. It firmed slightly just after lunch to 60.9 but slipped back at the close. On Friday it closed at 60.9, a week ago at 61.0 and a month ago at 60.2. The Australian dollar moved in a 72-point range in New Zealand trading to close at U581.91/95 after slipping to 81.43 at one stage. It closed in Wellington on Friday just topping the USB2c level.
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Press, 4 April 1989, Page 38
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274Dull day for N.Z. dollar Press, 4 April 1989, Page 38
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