The New Zealand dollar had a quiet day today after falling sharply yesterday when higher than expected unemployment data for the June quarter jolted the market.The currency has recovered from yesterday's lows but encountered selling pressure when it poppe
The New Zealand dollar had a quiet day today after falling sharply yesterday when higher than expected unemployment data for the June quarter jolted the market.
The currency has recovered from yesterday's lows but encountered selling pressure when it popped over the 73USc level in early trading today.
It was 72.76USc at 5pm from US72.87c at 8am and 72.95USc at 5pm yesterday. It fell as low as 72.43USc on Thursday night.
"Around the end of New York we breached the US73c level but we backed off that," one dealer said.
He said equity markets were currently little changed, leaving the currency market directionless. "There is not much out there in terms of drivers," the dealer said.
A focus today was the Reserve Bank of Australia's statement on monetary policy.
The overall cost of funds for domestic banks would likely increase only modestly by the end of 2011, the central bank said. It was optimistic about the global outlook but did not change its growth and inflation forecasts.
The NZ dollar was at 79.52Ac at 5pm from 79.68Ac at the same time yesterday.
Investors were waiting for non-farm payroll data in the US tonight and next week's open market committee of the Federal Reserve.
The NZ dollar was at €0.5518 from €0.5544 yesterday and at ¥62.60 from ¥62.83 yesterday.
The trade weighted index was 67.14 from 67.37 yesterday.
