The New Zealand dollar eased against the greenback yesterday after its Australian counterpart came under pressure.
ANZ head of foreign exchange John Body said the kiwi opened the morning session close to its Friday close.
"We spent not too long up there because the aussie's been under pressure all day," he said. "As the aussie's drifted back towards 65.70USc we've seen the kiwi come under a bit of pressure as well."
The kiwi was buying 58.86USc at 5pm, down slightly from Friday's close of 58.98USc, and the Australian dollar was at 65.75USc (65.88USc).
Body expected the kiwi to make gains this week.
"Our view is that the clean out last week has technically left the market open to further upside and we're certainly beginning to target up back towards 60USc during the week."
The kiwi may be affected this week by second quarter consumers price index figures to be released today which are expected to show inflation remained within the Reserve Bank's target of 1 per cent to 3 per cent.
- NZPA
<I>Currency:</I> Kiwi follows cousin down
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