The New Zealand dollar closed on its highs against the United States dollar although it continues to weaken against the Australian dollar.
By 5pm the kiwi was slightly higher, at US59.57c from US59.51c late yesterday, while the aussie strengthened further to US69.06c from US68.85c at yesterday's close.
One local dealer said the kiwi traded between US59.25/55c today.
"Aussie's come back and euro's come back a wee bit, that's been the main thing in the two currencies today," he said.
"We're trapped in a US59.20/80c range, and I don't see it breaking out of that range at the moment unless something big happens," he said.
"We have weakened overall against the aussie today, but we've been weakening against the aussie in the last few days. I think we're going to stay in that A83c-A87c range for a while now against the aussie."
The New Zealand dollar has been trading at year-lows against its Australian counterpart since late last week.
In Tokyo the yen edged up against the US dollar as traders awaited the outcome of US President George W Bush's visit to Tokyo, where he is expected to discuss currencies with Japanese Prime Minister Junichiro Koizumi.
Mr Bush sent the US dollar tumbling earlier in the week when he said the value of currencies should be determined by markets, and traders interpreted his remarks as criticism of Japan's repeated intervention to sell the yen.
However, the White House has also reaffirmed its backing for a strong US dollar policy.
In Wellington at 5pm the euro was at US$1.1605, down from US$1.1650 late yesterday, and the greenback was at 109.75 yen (109.62).
On the crosses, the kiwi was buying A86.27c (A86.43), 65.39 yen (65.23), 0.5132 euro (0.5109), 35.56 pence (35.64), and 0.7945 Swiss francs (0.7908).
The Australian dollar was at $1.1589 ($1.1570).
The monetary conditions index was at plus 213 (207), the trade-weighted index was unchanged at 61.78, and 90-day bank bill yields were steady at 5.20 per cent.
The February 2005 government bond yields were at 5.43 per cent (5.40), the November 2006s were at 5.78 per cent (5.74), and the November 2011s were at 6.10 per cent (6.05).
- NZPA
<i>Currency:</i> Kiwi closes on session highs against US dollar
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