The New Zealand dollar held firm yesterday after losing some strength during the Labour Day holiday.
By 5pm the kiwi had risen to US41.85c, improving on its opening at US41.66c and Friday's close of US41.56c.
The aussie also shrugged off an easing euro, surging to US51c from US51.02c this morning and US50.72c on Friday.
The kiwi's gains were made on fairly quiet trading, underpinned by early business, said one currency dealer.
"Obviously people are leaving the currency alone, and sitting out of the kiwi and aussie and focussing their interest all on the euro."
The dealer said most big overseas investors had already recalled their investments from New Zealand and Australia and those who remained appeared to be leaving their money where it was.
A sharp dive in local consumer confidence measure by yesterday's ASB Bank investor confidence survey - down 18 percentage points in one month - did not have much effect on the kiwi, BNZ currency strategist Stu Ritson said.
"The kiwi recently has not been trading so much on the domestic fundamentals ... and confidence has been eroded across all the countries."
Overnight the kiwi was picked to trade between US41.70c and US42.00c.
On the crosses, the kiwi closed around A82.06c (A81.91c on Friday). It traded at 0.4696 euros (0.4601), 51.32 yen (50.36), 29.37 pence (28.81), 0.9185 marks (0.9000), and 0.6956 Swiss francs (0.6806).
The Australian dollar eased against the kiwi today, buying $NZ1.2187, compared to $NZ1.2211 on Friday.
The 90-day bill yields were at 5.10 per cent (5.10 on Friday), the trade-weighted index was at 50.03 (49.41) and the monetary conditions index was at minus 851 (minus 914).
Among the bonds, the March 2002s were unchanged at 4.93 per cent, the April 2004s were at 5.30 per cent (5.24), the November 2006s were at 5.88 per cent (5.82) and the November 2011s were at 6.45 per cent (6.39).
- NZPA
<i>Currency:</i> Kiwi holds firm against easing Euro
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