The New Zealand dollar consolidated its recent euro-fuelled gains in light trading on Wednesday, as the market awaited the central bank rate reviews from the US and New Zealand. The New Zealand dollar was at $0.7680 in late local trade, slightly above opening levels, as it held in a tight 20-point range in the local session. The kiwi was about $0.7650 late on Tuesday.
Trade in the kiwi was kept thin by a holiday in New Zealand's nearest neighbour and main trading partner, Australia. The Australian dollar was last at $0.9967, a touch below opening levels, after also receiving a solid boost from a strong euro in offshore trade.
The Aussie-kiwi cross also spent a quiet day's trade, holding about NZ$1.2970. The kiwi was unmoved by comments from New Zealand prime minister John Key that the government will reduce the amount it borrows, and cut new spending to return its finances to surplus a year earlier than forecast.
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