It was a case of home on the range for the New Zealand dollar, which traded in a narrow band of less than 20 points today.
By 5pm the kiwi was at US55.35c, down from its US55.45c close yesterday, having traded between US55.38/54c during the day.
The aussie rose slightly to US60.39c, against yesterday's US60.35c close.
A BNZ currency strategist said the kiwi had been fairly soft today, in line with the Australian dollar.
'It's been unable to get through that US55.55/65c region noted as a key region of support for a few days now. We take some heart from the fact that it's held up over the US55.20/25c support.
"It's really just treading water on the back of the US dollar, and it's softer because the US was a bit better bid in the afternoon on some more positive news on the Iraqi front. I think it (the US dollar) is just going to ebb and flow on the headlines.
"Near term, if it holds support at US55.20/25c, and makes a break and holds above US55.60c, we should be able to see it make a sustained attempt at US56.80c, around multi-top highs of a few weeks ago," the strategist said.
"We're still medium-term bullish on the kiwi."
News of the rescue of one of the US army personnel captured in Iraq briefly lifted the greenback against the euro, but the US dollar generally maintained its weak tone in Asia.
Investors were still sceptical of a quick end to the war in Iraq, while disappointing manufacturing figures showed US factories pulled back in March for the first time in five months.
The US dollar was buying 118.40 yen in Wellington at 5pm, up on 118.25 yesterday, while the euro weakened to $US1.0883 ($US1.0913).
On the crosses, the kiwi was buying A91.65 (A91.71c yesterday), 0.5088 euro (0.5080), 35.11 pence (35.08), 0.7523 Swiss francs (0.7503) and 65.55 yen (65.60). The Australian dollar was buying $NZ1.0910 ($NZ1.0899).
On the money market, 90-day bills were at 5.81 per cent (5.82), the monetary conditions index was at plus 186 (191) and the trade-weighted index was at 60.69 (60.73).
Bonds yields were little changed with the April 2004s at 5.47 per cent (5.43), the November 2006s at 5.56 per cent (5.50) and the November 2011s at 5.97 per cent (5.92).
- NZPA
<i>Currency:</i> Kiwi closes softer after rangebound session
AdvertisementAdvertise with NZME.