Kiwi Little Changed Against Major Currencies, Tuesday, June 26, 2007 5:18:13 PM

The kiwi was little changed against the majors on Tuesday in New York. The New Zealand currency edged higher in the early morning, but returned most of its gains by noon ET. Trading took place amid the release of data that showed electronic card transactions in New Zealand rose 1.1% from the prior month to NZ$4.6 billion in May.

The New Zealand dollar was little changed against the greenback on Tuesday in New York. The kiwi moved higher in the early morning and touched as high as 0.7692 at 8:45 a.m. ET. From there, the New Zealand currency moved lower and moved near its overnight levels. At 4:45 p.m. the pair traded at 0.7664. Traders considered a report from the U.S. Commerce Department that revealed new home sales dropped 1.6% in May. Meanwhile, a report showed a bigger than expected drop in U.S. consumer confidence in June.

The New Zealand dollar was back at its overnight levels against the euro on Tuesday in New York. The kiwi gained in the morning until about 6 a.m. when it reversed its course. It edged lower for the rest of the morning before leveling off in the afternoon. In general, the kiwi is trading near a 16-month high against the euro. Traders considered data that showed the working day and seasonally adjusted current account of the euro area witnessed a deficit of 4.0 billion euros in April. This compares with the current account surplus of 6.7 billion euros in March, revised up from 5.4 billion euros estimated initially.

The kiwi was little changed against the sterling on Tuesday in New York. The New Zealand currency moved higher in the early morning, but began to slip back at around 6 a.m. ET. It returned all of its gains by noon ET. Afternoon dealing was generally level. In general, the kiwi is trading near a two-week high against the pound. Sterling traders awaited Thursday`s UK house prices data.

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