After a brief foray back above US64c this morning, the kiwi drifted off during today's local session.
At 5pm the kiwi was fetching US63.88c (from US63.70c at 5pm last night and US64.08c at 8.30am today). The kiwi's trading range today was between US63.75c and US64.25c, with the high being hit early in the session.
Westpac chief currency dealer Basil Payn said the kiwi was sold off during the course of the day, with some profit taking from importers.
He said there was still demand for the New Zealand dollar from Asia late this afternoon and he expected the kiwi to trade in a US63.80c to US64.40c range over the next 24 hours.
The kiwi's early strength came on the back a weaker greenback, amid fresh security concerns in the US which came to light on the weekend. The greenback fell last night against a number of major currencies after warnings of possible al Qaeda attacks on specific US buildings and institutions, which prompted investors to move their cash into safe-haven assets.
Meanwhile, at 5pm today the Australian dollar was at US70.45c (US70.15c at 5pm yesterday), the greenback was at 110.70 yen (111.13), while the euro was at US$1.2031 (US$1.2064).
On the crosses, the kiwi was buying A90.91c (A90.82c), 34.99 British pence (34.94), 0.5313 euro (0.5281), 70.74 yen (70.79), and 0.8169 Swiss francs (0.8113).
The trade weighted index was at 65.30 (65.12), while the monetary conditions index was at plus 610 (596).
On the money and debt markets, 90-day bank bill yields were at 6.40 per cent (6.39), February 2006 bonds were at 6.13 per cent (6.12), July 2009s were at 6.23 per cent (6.19), and April 2013s were at 6.31 per cent (6.28).
- NZPA
<i>Currency:</i> Kiwi bobs around US64c
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