The New Zealand dollar spent yesterday's afternoon session consolidating its gains on the back of comments at the G7 meeting in Dubai over the weekend, a currency expert said.
At 5pm, in Wellington the New Zealand dollar was buying US59.52c from US58.72c at Friday's close.
The Australian dollar was at US67.93c (from US66.85c at 5pm on Friday).
A BNZ currency dealer said the G7 meeting saw the start of a new period of weakness in the United States dollar.
"We emphasise that more flexibility in exchange rates is desirable for major countries or economic areas to promote smooth and widespread adjustments in the international financial system, based on market mechanisms," a statement from the meeting said.
The BNZ spokesman said the kiwi had traded in a not-too-tight range of US59.35c to US59.95 today.
In coming sessions it was likely to test the key US60c mark, he said, adding that initial resistance would be around the US59.95c mark.
"The kiwi's been strong on the back of that G7 meeting but it's having a bit of a pull back at the moment through profit taking.
"It took a while to get going today... but it's just had such a move (after the G7 meeting) that it's in correction now," he said.
Meanwhile, at 5pm the euro was at $US1.1449 ($US1.1256), while the US dollar was buying 112.30 yen (115.362).
On the crosses, the kiwi was at A87.62c (A87.85c), 66.84 yen (67.74), 36.12 pence (36.31), 0.8093 Swiss francs (0.8139), and 0.5198 euro (0.5217).
The Australian dollar was buying $NZ1.1409 ($NZ1.1385).
The monetary conditions index was at plus 263 (260), the trade-weighted index was at 62.44 (62.38) and 90-day bank bill yields were at 5.16 percent (5.18 percent).
The February 2005 Government bond yields were at 5.28 percent (5.32), the November 2006s were at 5.54 percent (5.56), and the November 2011s were unchanged at 5.88 percent.
- NZPA
<I>Currency:</I> NZ dollar consolidates gains, looks to test key US60c mark
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