The New Zealand dollar weakened slightly yesterday with very little to drive it in either direction.
By 5pm the kiwi was buying 58.48USc from 58.58USc on Friday.
ANZ Investment Bank chief foreign exchange dealer Murray Hindley said the kiwi traded between 58.50/58.72USc yesterday.
"It's closing at the bottom end of its range. I think there's a chance we may drift a little lower overnight, possibly to that 58.20USc area. Both aussie and kiwi are looking a little tired at this stage, with euro also off in the Asian session."
Westpac currency strategist Johnathan Bayley said in a daily commentary that the US dollar had seen plenty of material to fuel recovery sentiment over the past week.
"US economic data has beaten expectations more often than not, with Friday's durable goods orders and new home sales continuing this trend.
"And roughly two-thirds of US companies reporting second-quarter earnings have beaten estimates. This coming week will be pivotal for the US recovery theme with second-quarter gross domestic product data, July payrolls, and four key confidence numbers scheduled for release," Bayley said.
- NZPA
<I>Currency:</I> Kiwi dollar weakens at the close
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