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Kiwi dollar eases, remains under US70c

Published: 10:53AM Tuesday February 09, 2010 Source: NZPA

The New Zealand dollar opened locally a little softer ahead of Prime Minister John Key's opening statement to Parliament later on Tueday, in which he is set to partially unveil the government's tax reform package.

Around 8am on Tuesday the kiwi was buying US68.62 cents, having been able to push only as high as about US69.20 cents overnight from US68.68 cents at the local close.

ANZ bank said the sideways moves were the order of the day for the New Zealand dollar in the previous 24 trading hours as it remained within the boundaries of buying interests at US68.55 cents and selling interests at US69.25 cents.

While the direction of the currency may not hang on Tuesday's speeches at parliament, they would be important without a doubt, ANZ said.

The New Zealand dollar was down to 0.5016 euro at the local open from 0.5034 at 5pm, and slipped to 61.26 yen from 61.32.

Against the Australian dollar, the kiwi was buying A79.11 cents at 8am from A79.36 cents at the local close, while the trade weighted index eased to 63.78 at the local open from 63.98 at 5pm.

BNZ Capital senior strategist Danica Hampton said there was little in the way of fresh global news overnight.

Concern about Europe's debt woes were still simmering away. While European policy makers were adamant the situation was under control, market participants were still sceptical, Ms Hampton said.

While there was a bit to keep an eye on locally, global sentiment and risk aversion would likely be the key influence on the New Zealand dollar again this week.

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