Kiwi marks time
PA Wellington The New Zealand dollar finished three points down against the United States dollar on the foreign exchange market after what dealers described as a boring day.
The New Zealand dollar moved in a narrow 35-point range to a low of U558.35C before closing at 58.47/57 against its opening 58.50/60 and Wednesday’s close of 58.65/75. In the later trading session the New Zealand dollar broke with its recent trend and was ignoring movements in the Australian and United States dollars as it stuck to its narrow range, dealers said. Yesterday morning the New Zealand dollar hit its day’s low of 58.35/45 as the United States dollar strengthened. It climbed to 58.68/70 when the United States dollar slipped. The United States dollar had ended mixed after a volatile day in New York, with dealers awaiting the results of the meeting of the Bundesbank council. It finished at 1.9825/35 Deutsche marks, down from 1.9895/05 on Tuesday, and at 142.87/97 yen, up from 142.50/57. In Tokyo at midday the greenback was at 142.85 yen and 1.9860/70 Deutsche marks against openings of 143.20 yen and 1.9895/9905 Deutsche marks.
The greenback traded quietly in New Zealand, waiting to see if West German interest rates would rise, a dealer said. United States employment data, due this week, could be another factor, he said. The New Zealand dollar opened weaker against the Australian dollar, down to Aust77.7oc after closing at Aust7B.s6c on Wednesday. On the cross rates at yesterday’s close, however, it had held steady and was quoted at Aust77.77c.
The New Zealand dollar was also steady against the other major currencies at 1.16 Deutsche marks, 37.36 p 83.56 yen and 1.0038 Swiss francs.
The Reserve Bank trade weighted index closed as it opened yesterday fixed at 61.3. It closed on Wednesday at 61.7, a week ago at 62.1 and a month ago at 61.9. In Sydney the Australian dollar closed slightly firmer after a day of choppy trading.
The Australian dollar finished at U575.21/28, up on Wednesday’s close at 75.18/25 but down from the firmer 75.48/55 opening.
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Press, 2 June 1989, Page 14
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345Kiwi marks time Press, 2 June 1989, Page 14
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