The New Zealand dollar lost ground against most major currencies today.
At 5pm, the New Zealand dollar was buying US57.62c from US58.35c at the same time yesterday, while the aussie was at US64.60c (US65.09c).
BNZ currency strategist Sue Trinh said the kiwi started off on the day's high, US58.20c, before slipping back to US57.48c.
"It's moving into the european (currency trading) sessions just having consolidated a bit of a loss, but it's still looking a bit weak," Ms Trinh said.
"It looked like there was a lot of stop loss selling from momentum accounts...," she said, noting that on the trade weighted index (TWI) crosses the kiwi had slipped off during today's session.
"That just fuelled the selling pressure on the kiwi and that was enough to push the kiwi through some major technical support levels."
The kiwi had strong support at US57.20c.
Meanwhile, against the aussie the kiwi was at A89.19 (A89.64c).
The euro was at US$1.0842 at 5pm in Wellington, from US$1.0872 at 5pm last night.
The US dollar was buying 117.60 yen (117.60).
On the crosses at 5pm, the kiwi was buying 67.76 yen (68.61), 36.70 pence (37.07), 0.8186 Swiss francs (0.8268), and 0.5314 euro (0.5367).
The monetary conditions index was at plus 260 (313), the trade-weighted index was at 62.42 (63.10) and 90-day bank bill yields were at 5.15 per cent (5.14).
The February 2005 yields were at 5.33 per cent (5.27), the November 2006s were at 5.55 per cent (5.50), and the November 2011s were at 5.95 per cent (5.88).
- NZPA
<i>Currency:</i> Dollar loses ground against major currencies
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