Kiwi keeps within narrow range

THE New Zealand dollar is little changed as a light data week keeps investors wary of testing recent ranges.

The kiwi traded at 83.27 US cents at 5pm in Wellington from 83.32 cents at 8am and 83.33 cents on Tuesday. The trade-weighted index was 78.16 from 78.20 on Tuesday.

Traders remained wary of breaking recent ranges with little new data ahead of US Federal Reserve chair Janet Yellen's testimony before legislators on Friday and US employment figures next week.

Investors are also awaiting the Reserve Bank of New Zealand's policy expected move to start raising interest rates at the March 13 monetary policy statement.

"The market is suffering from an acute lack of local data after the G20 at the start of the week," said Stuart Ive, a senior client adviser at OMF in Wellington.

"I don't think the kiwi's going to significantly go too far either way at the moment."

The kiwi edged up to 92.44 Australian cents from 92.33 cents on Tuesday after federal government figures showed Australia's total value of construction fell one per cent in the final three months of 2013, largely due to weak residential building.

The local currency slipped to 85.24 yen from 85.42 yen on Tuesday and was little changed at 60.60 euro cents from 60.66 cents.

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