The kiwi continued to trade sideways in a tight range today, bobbing around the US70.80c mark.
At 5pm the kiwi was at US70.81c (from US71.16c at 5pm yesterday), having traded in a range of US70.65c to US70.96c during the day.
BNZ currency strategist Sue Trinh said there had been some offshore selling of the kiwi which boosted supply and offset some of the local demand seen today.
"Certainly the kiwi is struggling at the moment to keep its head above water and it doesn't look too promising in the short term," she said.
The market will be watching the release of personal consumption and spending data out of the US tonight for inflationary clues which may influence the US Federal Reserve's decisions on further potential rate hikes.
Looking further ahead, the market is also bracing for US non-farm payrolls data, which is due on Friday and expected to show that 220,000 new jobs were created in March, against 262,000 in February.
Meanwhile at 5pm today, the aussie was at US77.14c (US77.25c), the euro was at US$1.2915 (US$1.2947), and the greenback was at 107.29 yen (107.23).
Meanwhile, the trade-weighted index was at 69.48 (69.77), while the monetary conditions index was at plus 991 (1010).
On its main crosses, the kiwi was fetching A91.80c (A92.12c) 0.5482 euro (0.5497), 37.68 British pence (37.88), 75.99 yen (76.33), and 0.8491 Swiss francs (0.8534).
On the money markets, 90-day bank bill yields were at 7.09 per cent (7.08), July 2009 bonds were at 6.32 per cent (6.35), and April 2015s were at 6.19 per cent (6.22).
- NZPA
<EM>Currency:</EM> Kiwi trades tight range under US71c
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