The New Zealand dollar plodded through the day seeing virtually no action and was likely to head lower overnight.
At 5pm the kiwi traded at US42.87c from US42.80c at Tuesday's close, while the aussie fell to US52.00c (US52.18c).
One local dealer said the kiwi had been pinned in a range between US42.86c and US43c.
"It's been very quiet ... very, very low volume and not much to report. We've not seen the follow-on we might have expected from last week. I think we may be in for another test lower to see how people feel when we move back down to the down side a little bit," he said.
He picked the kiwi to trade in a slightly lower range overnight, between US42.60/90c.
Deutsche Bank dealer Tim Robinson said the Australasian currencies were falling in line with movements in the larger currencies as investors weighed up the chances of a United States-led recovery.
The kiwi tapered off during the day against other currencies after strengthening overnight, but remained higher than Tuesday night's closes.
On the crosses at 5pm kiwi was buying A82.44c (A82.04c at Tuesday's close), 55.45 yen (55.10), 30.32 pence (30.15), 0.72.04 Swiss francs (0.7193), and 0.49.03 euro (0.4894).
The aussie was at $NZ1.2130 ($NZ1.2193 at Tuesday's close).
The trade weighted index was at 51.82 (51.65), the monetary conditions index was at minus 658 (minus 676), and 90-day bank bills were at 5.26 per cent (5.25).
On the debt market the April 2004 bonds were at 5.98 per cent (5.96), the November 2006s were at 6.66 per cent (6.64), and the November 2011s were at 6.92 per cent (6.90).
- NZPA
<i>Currency:</i> Kiwi pinned below US43c
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