The New Zealand dollar continued to ease in today's session after its United States counterpart showed signs of strength against major currencies.
At 5pm, the kiwi was at US60.73c (from US61.44c at 5pm yesterday), having traded between US60.56c and US60.83c.
The Australian dollar was at US69.67c (US70.80c).
A trading bank broker said the New Zealand dollar had held up well despite the greenback's performance.
"Basically the kiwi's performance is US dollar led," the broker told NZPA today.
"Probably the market has been too weighted on a weaker US dollar scenario.
"The euro has been under a reasonably amount of pressure (from the US dollar) and the dollar-yen (cross) has been holding up so there was a stronger dollar scenario in the major currencies."
That had filtered through overnight and today, causing the kiwi to ease, he said.
"Compared to what the other currencies have moved, the kiwi's acutally looked a little bit more resilient...but it was probably an overdue time for a correction," he said.
Meanwhile, the US dollar was at 110.08 yen (110.18), while the euro was at US$1.1441 (US$1.1581).
On the crosses, the kiwi was buying A87.14c (A86.78c), 66.86 yen (67.71), 36.33 pence (36.28), 0.8276 Swiss francs (0.8239), and 0.5307 euro (0.5308).
The Australian dollar was at $1.1472 ($1.1523).
The trade weighted index was at 63.12 (63.48), the monetary conditions index was at plus 329 (355), and 90-day bank bills were at 5.27 per cent (5.25).
On the debt market, yields on April 2004 bonds were at 5.20 per cent (5.19), February 2006s were at 5.80 per cent (5.77), and November 2011s were at 6.15 per cent (6.13).
- NZPA
<i>Currency:</i> Kiwi eases after US dollar shows strength
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