The New Zealand dollar traded flat yesterday, consolidating its gains on an easing greenback over the weekend.
The kiwi was tightly traded all day and at 5pm was buying US41.67c, from US41.34c at Friday's close.
The aussie was also resistant to change, trading at US52.12c from Friday's US51.97c close.
Even though the kiwi was still trailing below the psychological US42c level, ANZ dealer Richard Marshall said it was "quite refreshing" that the dollar was higher than it had been all last week.
Dealers said there was little movement on any of the currencies and trading was mostly local buying with an Asian offer of US41.75c.
There was not much movement anticipated overnight, with the kiwi tied to a range of US41.50-80c.
"I think things will quieten down significantly now that we're into December. It's a psychological thing - people start thinking about their holidays, Christmas, etc," Mr Marshall said.
Perhaps the only thing to move was the kiwi-aussie cross, which rallied on a dip on the aussie, getting as high as A80.05c before ending on A79.93.
"There seems to be some genuine localised buying in the kiwi creating support, and there seems to be a good amount of option-based selling in the aussie," BNZ forex manager Greg Ball said.
A meeting of the Reserve Bank of Australia on Wednesday would possibly be the next major mover for the Australasian currencies.
During the weekend the greenback eased after revised third quarter gross domestic product data, to -1.1 per cent. GDP, the broadest measure of economic activity, was revised to a larger-than-expected contraction in the July-September period, putting in the worst performance since the last US recession in 1991.
US dealers said the dollar would have hurdles to jump over this week, with major US economic reports including national manufacturing and employment in November, which could deal another blow to the recent optimism that the economy will soon regain its vigour.
At 5pm the greenback traded at 123.70 yen (123.90 on Friday), and 89.47 euros (88.71).
On the crosses, the kiwi was buying A79.93c (A79.54c on Friday), 51.57 yen (51.22), 29.30 pence (29.00), 0.9112 marks (0.9116), 0.6853 Swiss francs (0.6844) and 46.59 euros (46.62).
The Australian dollar was buying $NZ1.2517 ($NZ1.2569).
The trade-weighted index was at 49.68 (49.44), the 90-day bank bills were at 4.85 per cent (4.85) and the monetary conditions index tightened to minus 910 (minus 938).
On the debt market, the March 2002 bonds were at 4.73 per cent (4.72), the April 2004s were at 5.36 per cent (5.38), the November 2006s were at 5.93 per cent (5.95) and the November 2011s were at 6.40 per cent (6.44).
- NZPA
<i>Currency:</i> Flay day for NZ dollar
AdvertisementAdvertise with NZME.