Kiwi tests 58c
PA Wellington The New Zealand dollar tested US5Bc yesterday but slipped below it to close fractionally down on its opening quote at U557.83/93C, compared with its 40-point firmer opening of 57.85/95C from Monday’s close at 57.45/55c. Trading was quiet and dealers said they expected the market to be quiet today. A dealer said he expected no pressure on the New Zealand dollar from the Budget. The US5Bc was a key support level, but he was forecasting little action in the New Zealand dollar overnight, with traders squaring before the budget. The New Zealand dollar firmed yesterday morning
after a dip in the United States dollar overnight. Dealers predicted then that the New Zealand dollar would continue to trade in a tight range up to US5Bc. The Reserve Bank tradeweighted index closed marginally higher at 60.3 against its opening of 60.2. The Australian dollar finished firmer in Sydney after quietly trading in a 30-point range throughout the day, dealers said. The unit closed at U575.06/13C, up from Monday’s Sydney close of U574.88/95C, but easing from its opening 'yesterday of 75.11/18c. The Australian dollar closed at $NZ1.2949/79, compared with $NZ1.2982/17
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Press, 26 July 1989, Page 31
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191Kiwi tests 58c Press, 26 July 1989, Page 31
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