The New Zealand dollar hit a six-week high yesterday of 40.71USc, before sinking slightly to close at 40.60c
The kiwi hit an overnight high of 40.68c in line with the rising euro, as the US tried to digest its election result, and by 9 am was still hovering at 40.60c.
One dealer said the range for kiwi during the day was 40.57/71USc, with support overnight expected at 40.30c with highs of 40.95/41.00c.
"Euro popped up this morning and the kiwi got caught short," he said.
"It's been a pretty narrow range, kiwi's still holding its momentum on the top side.
"There's been a bit of volume going through at current ranges but obviously not breaking out of the range. You're going to have to see a move in the aussie higher or lower to dictate where the kiwi next goes."
The market was supported by a mixture of overseas and local trading yesterday, which produced nothing spectacular despite the six-week high.
The US dollar slumped across the board on Monday, slipping away from nine-month peaks against the yen and tumbling over 1.5 per cent against the euro as protracted uncertainty surrounding the US presidential election began to take its toll.
On the crosses, the kiwi closed at 77.25Ac (76.98c at Monday's close), 44.86 yen (44.67), 28.64 pence (28.60), 0.9313 marks (0.9331), and 0.4764 euro (0.4771).
- NZPA
<i>Currency:</i> Euro hauls kiwi to 6-week high
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