The New Zealand dollar had an unspectacular session, trading within a tight 18-point range as it struggled against renewed strength from the greenback.
The kiwi ended yesterday at 40.46USc, down from 40.67USc at Friday's close, but near the top of the 40.30/48USc range.
Paul Walkinton of Deutsche Bank said the kiwi was relatively bid despite a fall in the Australian dollar.
"Just a bit of local bank buying, not huge flows or volumes going through, but generally steady demand seen across the day," Mr Walkinton said.
Next resistance levels for the kiwi are seen at 40.60/65USc, followed by further resistance at 40.85USc.
"Support is now at 40.30/40USc - we seem pretty jammed in a range at the moment," he said.
"There have been quite good fundamentals and good press for the New Zealand dollar recently, but until the aussie dollar can rally up out of its range I think the kiwi's going to be stuck in a range for a little bit longer.
"I think the kiwi continues to appreciate on some of the crosses - kiwi/yen, kiwi/aussie - but kiwi/US seems pretty stagnant at the moment," he said.
The US dollar continued yesterday's rally, reversing heavy overnight losses after fresh American growth data showed the world's largest economy was not as weak as markets had expected.
- NZPA
<i>Currency:</i> Kiwi stays steady against US
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