The New Zealand dollar was stuck on a road to nowhere yesterday with the Hong Kong and Tokyo markets closed for holidays.
"We have done absolutely nothing today," said one currency dealer.
By the local market's nominal 5 pm close, the kiwi was at 41.15USc, just 9c shy of its 41.24c open and little changed from Friday's 41.24c close.
Even data showing a sharp fall in business confidence failed to shake the kiwi into action.
The National Bank business outlook, released yesterday morning, showed a net 17 per cent of firms expect general business conditions to improve over the coming year - down sharply on March's net 30 per cent.
The kiwi was also unruffled by building consents data showing that the number of new dwellings authorised in March fell 1.2 per cent from the month before, in seasonally adjusted terms.
"If anything, you could say the kiwi remains with an underlying bid tone to it, but without threatening to actually do anything" the local dealer said.
"But so saying that, all it would take would be one flow to come through and smash us out of that range because there is so little liquidity."
Trade in the kiwi was expected to remain quiet this week with many countries observing May Day today, and Tokyo closed for much of the week.
All eyes will be on tomorrow's rate-setting meeting of the Australian Reserve Bank and US manufacturing, non-farm payroll and unemployment data due out on Thursday and Friday.
The Australian dollar was similarly range-bound yesterday, trading between 50.87USc and 50.97c, from 51.29c at Friday's close.
- NZPA
<i>Currency:</i> Gloomy data fails to stir dormant kiwi
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