NZ dollar tests six-week highs, debt firm

WELLINGTON, July 16 (Reuters) - The New Zealand dollar NZD= hovered near a six-week high on Wednesday as the U.S. dollar remained under pressure from U.S. financial sector woes. The kiwi spent the local session in a narrow range comfortably above 77 U.S. cents, having shrugged off the previous day's high inflation data, and is seen standing on the sidelines in the near term. "Yesterday's stronger than expected consumer price index release should hold off further rate cut expectations for now, hence the NZ dollar is likely to range trade ahead of next week's RBNZ meeting," Westpac Bank said in a market note. The kiwi was at $0.7712/16 at 0500 GMT compared with $0.7655/59 in late local trade on Tuesday. The currency traded between $0.7710 and $0.7726. In the absence of any significant local data, the kiwi is seen taking its cue... [read full story]