KEY POINTS:
The New Zealand dollar was in consolidation mode today, following a selloff against the greenback.
The kiwi dollar traded narrowly and closed at US78.37c after tumbling to US77.80c on Friday night .
"The session's been pretty quiet after the moves we've seen through the break," said Murray Hindley, chief forex dealer with ANZ National Bank.
The kiwi has dropped close on US2c since last Wednesday night, when it hit a four-week high near US80.40c.
Drivers of the sell-off were last Thursday's dovish tone from the Reserve Bank on interest rates, and support for the greenback.
The US dollar rose to a two-month high against the yen on hopes that the Federal Reserve will stop cutting its interest rates this week.
US economic data last week showed resilience in some sectors, while expectations for a rate hike in the euro zone were dampened, hurting the euro.
"While it may not be quite time to say good night to the NZD, it certainly is approaching bedtime," the ANZ bank said today.
Against the Australian dollar, the kiwi continued to struggle, closing at A83.77c (A83.81c on Thursday) as offshore investors compare the two countries' economies.
It was slipped against the yen to 81.93 (82.31 yen) but was unmoved against the euro at 0.5010.
The trade weighted index was 70.02 from 70.44 last Thursday.
Currency rates:
NZ dlr/US dlr US78.37c US79.40c
NZ dlr/Aust dlr A83.77c A83.81c
NZ dlr/euro 0.5010 0.5010
NZ dlr/yen 81.93 82.31
NZ dlr/stg 39.51p 40.13p
NZ TWI 70.02 70.44
Australian dollar US93.56c US94.72c
Euro/US dollar 1.5642 1.5852
US dollar/yen 104.54 103.63
- NZPA
