The New Zealand dollar consolidated its gains today after yesterday's dip and finished close to the session high of US57.57c.
At 5pm, the New Zealand dollar was buying US57.53c from US57.62c at market's close yesterday, while the Australian dollar was at US64.33c (US64.60c).
The New Zealand dollar hit a low of US57.35c today.
BNZ currency strategist Sue Trinh said the kiwi's consolidation was not surprising given its three-quarter of a cent loss yesterday.
"Even though it (the kiwi) has taken out the important technical level at US57.85c it has reinforced that US57c figure as the lower bound," Ms Trinh told NZPA today.
"That has contained the kiwi's weakness for the past three months."
Recent trading sessions have seen the New Zealand and Australian dollars play catch-up on the euro's marked losses.
"A lot of it was technically driven and a lot of short-term players got themselves overly skewed long (buying) kiwi," Ms Trinh said.
"It was a mass exodus of those longs... and that is what we have seen."
Against the aussie the kiwi was A89.43c (A89.19c).
The euro was at US$1.0837 at 5pm in Wellington from US$1.0842 last night.
The United States dollar was buying 117.58 yen (117.60).
On the crosses at 5pm, the New Zealand dollar was buying 67.65 yen (67.76), 36.70 pence (36.70), 0.8143 Swiss francs (0.8186), and 0.5307 euro (0.5314).
The monetary conditions index was at plus 257 (260), the trade-weighted index was at 62.39 (62.42) and 90-day bank bill yields were at 5.15 per cent (5.15).
The February 2005 yields were at 5.30 per cent (5.33), the November 2006s were at 5.53 per cent (5.55), and the November 2011s were at 5.93 per cent (5.95).
- NZPA
<i>Currency:</i> Kiwi consolidates gains today after losses
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