The New Zealand dollar trod water for most of yesterday around US57.35/40c, occasionally flirting with the US57c mark, a broker said.
At 5pm, the New Zealand dollar was buying US57.43c from US57.32c at 5pm Tuesday, while the aussie was at US65.69c (US65.75c).
BNZ currency strategist Sue Trinh said the kiwi had flirted with the US57c figure most of the day.
"We reckon if that (US57c) goes it might actually trigger some stock lossing amongst momentum- and trend-following accounts.
"If US57.10 breaks, for psychological reasons as well, US57c being a nice round number, the kiwi might be a bit vulnerable and you might see a bit of a deeper correction lower.
"As for today it's been pretty quiet and the kiwi's ... (trod) familiar waters all day," Ms Trinh said yesterday.
Against the aussie the kiwi was A87.44c (A87.18c).
The kiwi traded between US57.35c and US57.40c all day, Ms Trinh said.
The euro was at US$1.1711 at 5pm in Wellington from US$1.1723 at the same time on Tuesday night.
The US dollar was buying 117.88 yen (118.23 yen).
On the crosses at 5pm, the kiwi was buying 67.63 yen (67.78), 34.69 pence (34.79), 0.7525 Swiss francs (0.7539), and 0.4899 euro (0.4889).
The monetary conditions index was at plus 138 (135), the trade-weighted index was at 60.77 (60.72) and 90-day bank bill yields were at 5.26 per cent (5.27).
The February 2005 yields were at 4.74 per cent (4.78), the November 2006s were at 4.76 per cent (4.80), and the November 2011s were at 5.06 per cent (5.18).
- NZPA
<I>Currency:</I> Kiwi treads water
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