KEY POINTS:
The New Zealand dollar stuck to a narrow 14-point range today, with little of interest on the domestic calendar.
By 5.30pm, the kiwi was virtually unchanged at US66.58c, from US66.55c late on Friday afternoon. The kiwi was a touch stronger against the Australian dollar, at A86.84c from Friday's A86.57c, following a more doveish than expected quarterly economic outlook from Australia's central bank.
Bank of New Zealand currency strategist Danica Hampton said the kiwi traded between US66.47c and US66.61c.
"It was mainly quite quiet, we had the US holiday (Veterans Day) on Friday so that added to it," Ms Hampton said.
"We've seen a little bit of selling from model accounts and a little bit of cross flow, but it hasn't been too exciting."
The local focus is on Wednesday's quarterly retail sales data, expected to confirm that consumers continued to open their wallets in the September quarter but unlikely to be a major boost for the currency.
"After last week's labour market data, we really think the kiwi will struggle to trade comfortably above US67c now that people are starting to think that the RBNZ may not need to hike rates," Ms Hampton said.
However, a bearish tone for the US dollar would keep the kiwi from falling too quickly, she said, picking an overnight range of US66.50c to US66.80c.
Selling against the Japanese yen continued for currencies, including the high-yielding New Zealand dollar, following a warning from Japan's central bank last week about a build-up in yen-funded carry trades.
Also weighing on the US dollar was concern that central banks might gradually shift their foreign exchange reserves away from the currency.
The dollar hit a 2-1/2-month low versus the euro and an 18-month low against sterling on Friday after People's Bank of China Governor Zhou Xiaochuan reiterated that Beijing planned to diversify its estimated US$1 trillion in reserves.
Rates:5.30pm today 5pm Friday
NZ dlr/US dlr US66.58c US66.55c
NZ dlr/Aust dlr A86.84c A86.57c
NZ dlr/euro 0.5174 0.5176
NZ dlr/yen 78.06 78.17
NZ dlr/stg 34.79p 34.84p
NZ TWI 66.36 66.34
Australian dollar US76.66c US76.88
Euro/US dollar 1.2871 1.2858
US dollar/yen 117.24 117.48
- NZPA