The New Zealand dollar continued losing ground against the United States dollar yesterday, easing further than its key trading partners.
By 5pm the kiwi was at US58.25c from US58.94c late on Monday, while the aussie also lost ground, to trade at US65.50c (US66.08c).
One local dealer said the kiwi had traded between US58.29/79c during the day.
"It's drifted off most of the day, the aussie drifted off as well. The big buck has got stronger here today... the kiwi/aussie cross is off just a bit. There's not much going on really," he said.
"We've just reacted to US dollar strength, (kiwi) was just a wee bit too high this morning," he said yesterday.
The southern dollar was likely to trade between US57.80c and US58.30c overnight.
In Tokyo the euro hit one-month lows against the US dollar and yen on growing concern that the European economy was lagging the US and Japan, where there are clearer signs of recovery.
A rally on Wall Street on Monday and follow-through gains in Tokyo's Nikkei average to one-year highs underscored growing bullishness on the dollar and yen relative to the euro, which has been under pressure since last week's data showing flat growth in the euro zone.
By 5pm the euro was at US$1.1128 from US$1.1230 on Monday night, while the US dollar was buying 119.39 yen (119.37).
On the crosses at 5pm the kiwi was buying A88.92c (A89.20c on Monday), 69.57 yen (70.35), 36.69 pence (36.94), 0.8109 Swiss francs (0.8113), and 0.5238 euro (0.5249).
The monetary conditions index was at plus 287 (323), the trade-weighted index was at 62.76 (63.23) and 90-day bank bill yields were unchanged at 5.14 per cent.
The February 2005 yields were at 5.26 per cent (5.28), the November 2006s were steady at 5.51 per cent, and the November 2011s were at 5.90 per cent (5.92).
- NZPA
Currency: Kiwi takes big slide against greenback
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