The New Zealand dollar was treading water below US49c today in lacklustre trade as the Australian market took a breather for its Queen's Birthday holiday.
By 5pm the kiwi had softened to US48.70c from US49c at Friday's close. Its Australian counterpart ended the local session at US56.96c (US57.45c).
"It's been very quiet today with the Australian market out," Bank of New Zealand currency strategist Stu Ritson said.
"If anything the kiwi has just continued to consolidate below US49c."
He expected the local unit to range between US48.50c and US48.85c overnight.
"Across all the currencies it seems a consolidation is playing out. Kiwi won't be immune to that. There'll still be good support on dips but until Europe comes in this evening it'll be pretty quiet," Mr Ritson said.
On the crosses at 5pm the kiwi was buying A85.51c (A85.30c), 60.80 yen (60.92), 33.44 pence (33.55), 0.7612 Swiss francs (0.7630) and 0.5178 euros (0.5171).
Against the kiwi the aussie was buying $NZ1.1693 ($NZ1.1724).
On the money market 90-day bills were at 5.95 per cent (5.93), the trade-weighted index was at 56.54 (56.65) and the monetary conditions index was at minus 155 (minus 145).
The April 2004 bonds were at 6.14 per cent (6.09), the November 2006 bonds were at 6.61 per cent (6.55), and the November 2011 bonds were at 6.78 per cent (6.71).
- NZPA
<i>Currency:</i> Kiwi treads water below US49c
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