The New Zealand dollar fell slightly on Thursday against the US dollar, pushed down by data showing a strengthening United States economy and then pushed most of the way back up again after very strong local business confidence figures.
Westpac currency strategist Imre Speizer says strong data from Australia meant the kiwi also weakened a little against the Australian dollar.
He says some good economic reports from the United States caused the US dollar to strengthen and the kiwi fell against the US.
But Mr Speizer says New Zealand then had a strong business confidence report and there was a partial rebound, but an Australian capital expenditure report could also have helped the kiwi.
A short time ago, the kiwi was trading at 81.66 US cents, 89.46 Australian cents, 50.07 British pence, 0.6013 euro and 83.33 yen.
Sharemarket up on Thursday
The share market ended Thursday in positive territory, the benchmark Top 40 index rising 10 points to 4809.
Devon Funds Management portfolio manager Nick Dravitski says late-breaking news affecting Chorus dragged the market down.
Political parties have blocked the option the Government had to legislate to over-ride a Commerce Commission decision on pricing for the old copper broadband network.
Mr Dravitski says this is a negative for Chorus which had been hoping that the price the commission had set would be reviewed by the Government to a higher level.
Chorus shares fell 4.5 cents to $1.785, a record low.
Mr Dravitski says Air New Zealand shares have recovered to the sale price which the Government sold them for.
He says the sale price of the Government stake was $1.65 and on subsequent days the shares traded below that level.
"That was really a function of the fact that a lot of stock came to market, the transaction probably wasn't executed as well as it could have been and the market had a bit of an issue digesting it."
Mr Dravitski says Air New Zealand is in reasonable shape as a company and as the excess stock moved its way through the market the stock price has moved back up again and on Thursday went back through the issue price.
Air New Zealand shares climbed 3.5 cents to $1.67 and Auckland International Airport shares rose 5.5 cents to $3.47.
