The kiwi traded a tight range today as investors prepare for the Reserve Bank's next interest rate announcement on Thursday.
Just after 5pm today the kiwi was buying US72.82c from US72.84c at 5pm on Friday before the long weekend. It had traded a US72.75c to US72.92c range today.
BNZ currency strategist Sue Trinh said the kiwi was coming under a lot of pressure just ahead of the US73c figure/US73.10c area.
"A lot of kiwi/aussie sell orders have been placed ahead of the RBNZ's OCR review," she said, adding this was keeping pressure on the kiwi's top-side.
The Reserve Bank is widely expected to leave the official cash rate (OCR) unchanged at 6.75 per cent.
A raft of other domestic data is due out this week, starting with National Bank's business outlook survey out tomorrow morning and followed by merchandise trade, building consents, household credit, and tax revenue figures later this week.
On the crosses this afternoon the kiwi was buying A93.26c (A93.69c), 0.5596 euro (0.5586), 77.03 yen (77.75), 38.07 British pence (38.17), and 0.8637 Swiss francs (0.8622).
Meanwhile the euro was at US$1.3011 (US$1.3036 at 5pm on Friday), while the greenback was buying 105.80 yen (106.67) and the Australian dollar was at US78.06c (US77.75c)
The trade-weighted index was at 70.86 (71.06), and the monetary conditions index was at plus 1084 (1098).
On the money markets, 90-day bank bill yields were at 7.02 per cent (from 7.04 per cent), July 2009 bonds were at 5.96 per cent (5.99) and April 2015s were at 5.90 per cent (5.94)
- NZPA
<EM>Currency:</EM> Kiwi trades tight range ahead of OCR review
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