The New Zealand dollar was little changed on Wednesday as investors braced for a hefty interest rate cut by the central bank the next day to shore up the recession-hit domestic economy. The kiwi settled around $0.5300/06 compared with $0.5297/03 late in local trade on Tuesday, finding support from improving risk appetite among investors as stock markets rallied.
"It's difficult to get too excited about New Zealand dollar/US dollar while it trades within familiar ranges," said Bank of NZ currency strategist Danica Hampton.