The New Zealand dollar lost all its overnight gains as the US dollar made a broad-based rally against all major currencies.
"It was one way traffic all day," said ANZ National senior dealer Mark Elliott.
The kiwi closed at US69.40c compared with its US69.72c opening and against US69.28c at yesterday's close.
Mr Elliott said the euro came under pressure and that dragged the Australasian currencies with it. However, the kiwi found good support against the Australian dollar which weakened further when soft employment data was released.
The kiwi cross rate climbed to A92.41c from A92.13c at yesterday's close and Mr Elliott predicted the kiwi would soon ascend A93c.
However, against the greenback, he said direction was much harder to predict.
"It's just thrashing around in 69 to 70c range. It's a difficult market to read."
Clues on direction could come from the next set of trade data due later this week. A widening US trade deficit could weigh on the dollar as it would underscore the country's need to attract foreign capital to fund it.
The following are Reuters currency rates:
5pm today 5pm yesterday
NZ dlr US69.40c US69.28c
NZ dlr/Aust dlr A92.41c A92.13c
NZ dlr/euro 0.5792 0.5787
NZ dlr/yen 79.72 79.38
NZ dlr/stg 39.74p 39.74p
NZ TWI 70.95 70.82
Australian dollar US75.12c US75.24c
Euro/US dollar US1.1983 US1.1976
US dollar/yen 114.77 114.53
- NZPA
<EM>Currency:</EM> Kiwi dollar slips against broad US dollar rally
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