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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ dollar stays firm around 55 cents; debt rises Reuters - 2 hours 50 minutes ago WELLINGTON, Nov 28 - The New Zealand dollar <NZD=> was steady on Friday, capped in a tight range by poor economic data that supported expectations of a further steep cut in interest rates next week. Trading activity was thin due to the U.S. Thanksgiving holiday, but the kiwi found some support from rises in regional stock markets that indicated investors had some appetite for riskier investments. The state of the local economy was highlighted by data showing the number of residential building consents fell to their lowest ever recorded level. "The NZ dollar stayed within a relatively tight range, but was off its early morning highs following poor building consents data," said ANZ National Bank senior markets economist Khoon Goh. At 0400 GMT, the kiwi was at $0.5518/28 compared with $0.5507/13 in late local trade on Thursday. The currency traded a tight quarter-cent range. For the week the kiwi gained around 2.5 percent. Upside in the kiwi was seen capped by expectations the Reserve Bank of New Zealand will cut its cash rate aggressively at its policy meeting next Thursday in response to a deepening recession and deteriorating global outlook. The seasonally adjusted number of building consents fell 21.9 percent on September to 1,121 to be 43 percent lower than a year ago. It was the lowest monthly total since the data series started in January 1982. See [nWEL000798]. "We expect building activity to plunge in the new year, which is likely to be accompanied by significant job losses in the related sectors," said Goldman Sachs JBWere economist Shamubeel Eaqub. "Accumulating evidence of a deepening recession further intensifies the need for urgent monetary policy relief." The latest Reuters poll has eight of 16 forecasters expecting a 150 basis point rate cut, with seven picking a 100 basis point reduction. The RBNZ will issue its latest monetary policy statement on Thursday at 9 a.m. . Central banks in Australia, Britain and the euro zone also review rates next week. New Zealand bonds firmed further as investors looked to the safe haven of government debt. The yield on the benchmark 10-year bond <NZ10YT=RR>, which moves inversely to its price, was 17 basis points lower at 5.08 percent. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SKorea industrial production slows in OctoberAFP - 29 minutes ago Indian bond yields at 3-yr low on rate cut hopesReuters - 44 minutes ago Bulgari expects tough Christmas, 2009 for sales-CEOReuters - 44 minutes ago MF Global to trade distillate swaps in Asia-sourcesReuters - 47 minutes ago Nikkei gains as China hopes, Kyocera offset PanasonicReuters - 47 minutes ago Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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