The New Zealand dollar consolidated yesterday just below US50c, slipping slightly against the Australian and United States dollars.
The kiwi has eased after hitting US50.30c on Monday, which sparked a round of profit-taking last night, pushing the kiwi to lower levels yesterday morning.
By 5pm the kiwi was at US49.87c, down from Monday's close of US50.15c, while the aussie was at US56.08c (US56.28c).
One local dealer said the kiwi had traded quietly in a range of US49.80/95c.
"Hard to get terribly excited about that," he said.
The kiwi was likely to trade between US49.75c and US50.10c in northern hemisphere trade overnight.
"It appears to be just consolidating. (Aussie)'s come back a little bit, but if anything we've slipped a little bit on the kiwi/aussie cross - nothing significant, so it's been a pretty uneventful session," he said.
The kiwi, which hit a four-year high of A89.60c last week, closed at A88.94c, compared with A89.12c on Monday.
On the other crosses, the kiwi was at 0.5029 euro (0.5044 on Monday), 60.87 yen (61.71), 31.87 pence (31.84), and 0.7407 Swiss francs (0.7426).
The Australian dollar was buying $NZ1.1245 ($NZ1.1220).
The trade weighted index was at 56.87 (57.16), the monetary conditions index was at minus 128 (minus 103), and the 90-day bank bill yield was unchanged at 5.89 per cent.
On the bond market, the April 2004s were at 5.72 per cent (5.74), the November 2006s were at 6.01 per cent (6.03), the November 2011s were at 6.37 per cent (6.41), and the April 2013s were at 6.41 per cent (6.46).
- NZPA
<i>Currency:</i> Kiwi consolidates under US50c in quiet session
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