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NZ dollar steady as data points to rates on hold
Thursday November 12, 12:53 PM
WELLINGTON, Nov 12 (Reuters) - The New Zealand dollar NZD= was little changed on Thursday as local data pointed to a subdued and gradual economic recovery, backing views the central bank will keep rates low well into next year.
* Kiwi edges a shade higher to around $0.7400 in a tight range as retail and manufacturing data offer no reason to expect strong rebound out of recession for NZ economy. Firmer stocks add to currency's support.
* U.S. dollar manages to lift off a 15-month low against a basket of currencies .DXY as Federal Reserve comments back a view that U.S. interest rates would remain low well into 2010. [ID:nN10315173]
* Closely-watched Chinese economic data produced a mixed set of results, with strong factory output tempered by weaker investment. [ID:nPEK212006]
* NZ third-quarter retail sales volumes -- stripping out price movements -- rose 0.1 percent against expectations of no change. September monthly sales rose 0.2 percent, core sales flat. See [ID:nSYD459996]
* NZ manufacturing sector grew for a second month in a row in October but at a slower rate, with firms indicating they are not hiring staff. [ID:nWEL404974]
* Kiwi seen holding $0.7350-$0.7450 range in the short term. Investors looking to Australia's October jobs report at 0030 GMT, for a steer on whether Reserve Bank of Australia may raise rates by 25 basis points next month.
* NZ bonds sit flat as data offers no lead and U.S. Treasuries were untraded because of market holiday.
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