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Little movement in NZ dollar

NZ Newswire logoNZ Newswire 19/09/2016 Jonathan Underhill

The New Zealand dollar was little changed ahead of the latest dairy auction and statements from the Bank of Japan, Federal Reserve and Reserve Bank of New Zealand this week.

The kiwi traded at 72.88 US cents as at 8am in Wellington, from 72.97 cents late on Monday. The trade-weighted index was at 77.79 from 77.86.

NZX dairy futures suggest whole milk powder could climb 9 per ent in the latest GlobalDairyTrade auction, which would mark the fifth successive gain for the benchmark product, adding to positive sentiment for the New Zealand economy and the dollar.

Meanwhile, traders say the Bank of Japan may unveil additional stimulus measures in the hope of weakening the yen, which has strengthened against the greenback this year. The Fed and the RBNZ, by contrast, are likely to keep policy unchanged.

"The market is beginning to have that 'wait and see' feel about it ahead of the key event risks this week," said BNZ's Kymberly Martin.

The kiwi traded at 55.94 British pence from 55.96 pence, was at 96.75 Australian cents from 96.85 cents, fell to 4.8575 yuan from 4.8656 yuan, traded at 65.22 euro cents from 65.32 cents and declined to 74.25 yen from 74.46 yen.

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