The New Zealand dollar caught a ride with the euro to open substantially firmer yesterday, but fizzled out later in the day.
At 5 pm, the kiwi was at 43.60USc from 42.97USc at Friday's close.
"There was a bit of activity first thing in the morning where it [the kiwi] just marched up pretty quickly when it looked like people were looking at stops, but that was about it," said a currency dealer.
"There wasn't really too much to get excited about."
The aussie was also relatively stagnant closing at 52.67USc, unchanged from the opening of local trade, and up from Friday's 52.30c close.
The kiwi flexed its muscles on the aussie cross, however, reaching its highest level for 10 months - 82.78Ac, more than 10 per cent above its October level.
"I think the kiwi has slowly turned the corner, but it is all going to depend on what is going on overseas with regard to the euro," the dealer said.
' Dealers said this week's merchandise trade figures and the National Bank's business confidence survey would be watched closely but most eyes would be on the US to see if the Federal Reserve would institute an interest rate cut as rumoured.
- NZPA
<i>Currency:</i> Kiwi see-saws in mixed day
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