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Reuters New Zealand
NZ dollar steady in tight range; bonds flat
Wednesday November 25, 12:39 PM
WELLINGTON, Nov 25 (Reuters) - The New Zealand dollar NZD= held steady in a tight range on Wednesday amid reduced appetite for risk after a mixed bag of U.S. economic data.
* Kiwi around $0.7258/63 after hovering between $0.7255 and $0.7267 as stock markets stayed weak and data in Europe and United States added to an uncertain outlook.
* U.S. dollar gains against the euro and other growth currencies after data shows the U.S. economy grew at a slower pace in the third quarter than previously thought, and other data shows consumer confidence edging higher. See [ID:nN24300840]
* Minutes of Federal Reserve's November meeting show officials increasingly confident about U.S. recovery although employment not seen picking up soon. See [ID:nWEQ003609]
* Yen rises to a six-week high against the U.S. dollar as the mixed bag of data enhances the currency's safe haven attraction.
* Investors also seen as being wary about committing to positions ahead of U.S. Thanksgiving Day holiday on Thursday.
* Survey for Reserve Bank of New Zealand shows inflation expectations for the next two years jumping sharply, with economic growth seen picking up, and interest rates expected to rise. See [ID:nWEL480833]
* Kiwi drifts to near three-week lows against the Aussie NZDAUD=R, and also softer against the euro NZDEUR=R and the yen NZDJPY=R, keeping the trade-weighted index =NZD down.
* National Bank of NZ's business outlook on Thursday seen as main local data event. Other data this week includes October trade numbers. [NZ/POLL]
* Expectations of Reserve Bank of New Zealand's rate tightening ease further with financial markets cutting chances for a March rate hike to around 30 percent, although a rise in April remains fully priced in, analysts say.
* Near term support for the kiwi seen at $0.7170/80 with resistance at $0.7270/80.
* NZ bonds largely flat, while U.S. Treasuries gain as an auction of five-year notes attracts strong demand. See [US/]
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