WELLINGTON: The New Zealand dollar has slipped slightly after intervention by China to prop up ailing equities calmed volatile markets.
THE kiwi traded at 63.41 US cents at 5pm in Wellington from 63.42 cents at 8am, down from 63.63 cents on Wednesday.
The trade-weighted index was little changed at 68.94 from 69.04 on Wednesday.
Wall Street stocks rose after Chinese state funds bought stocks to support the Shanghai Composite Index ahead of a two-day holiday for Victory Day commemorations.
Traders are awaiting US non-farm payrolls data on Friday in Washington after a private payrolls report and Fed snapshot of the US regional economy provided enough good news to leave the door open for a rate hike when the Federal Reserve reviews policy this month.
“We had stability yesterday when the (Chinese) authorities intervened, and what we’re waiting for now is the payrolls number of Friday night and what the Chinese equity market does on Monday,” said Raiko Shareef, currency strategist at Bank of New Zealand in Wellington.
“If we don’t have an equity market shake-out, the kiwi’s probably still supported above 63 (US cents).”
The kiwi also eased to 90.34 Australian cents at 5pm in Wellington from 90.47 on Wednesday, to 4.0296 Chinese yuan from 4.0490 yuan and to 76.40 yen from 76.48 yen, but edged up to 56.53 euro cents from 56.40 cents.
