The New Zealand dollar rebounded today, shaking off the dampening impact of yet another poor global dairy auction this week.
On Wednesday, the average price for dairy commodities traded in the auction fell by 3.1 percent to two $2561 - its lowest point since July 2009. That followed a drop of 0.3 percent a fortnight ago. The key product, whole milk powder, fell by 5.1 percent .
The head of external foreign exchange sales at ASB Bank, Tim Kelleher, said today that investors tried and failed to push the local currency below 78 US cents, proving there was support for current levels.
At 5.20pm today, the New Zealand dollar was trading at 78.83 US cents, 91.2 Australian cents, 50.19 British pence, 0.6274 euro, 92.75 yen and 4.83 renminbi.
Meanwhile, New Zealand shares declined from record levels for the first time this week, with the benchmark Top 50 Index shedding 31 points to 5496 at the close of trade.
Grant Williamson, a director at Hamilton, Hinden, Green, said some profit taking crept into the market, particularly in Fisher & Paykel Healthcare shares after its record result.
The healthcare manufacturer's appliances and consumable products including masks accounted for almost all of the company's $317.5 million of sales in the first half of the year ended in September, delivering a record profit $48.91 million.
Fisher & Paykel Healthcare shares fell 14 cents to $5.62, The Warehouse shed 2 cents to $3.17 and Cavalier shares were down 13 cents to 60 cents. Ryman Healthcare shares rose 8 cents to $8.19.