5.30pm
The New Zealand dollar spent today mired in a narrow range as it took a breather after last week flirting with the US59c mark, brokers said.
At 5pm, the kiwi was fetching US60.80c (from US60.38c at 5pm Friday), having opened at US60.78c.
Today it traded between US60.70c and US61.08c.
The Australian dollar was at US69.75c (US69.21c).
BNZ head of foreign exchange Mike Symonds said the kiwi had spent today's session consolidating after falling in to the US59c range last week.
"It initially found a bit of early demand as the aussie pushed up through the US70c area," Mr Symonds told NZPA today.
"But, through most of the Asian session we've seen the US dollar gain a little bit of strength, particularly against the euro," he said.
As a result, the kiwi and the aussie had lost a "little bit of their shine" and it was possible the former would consolidate between the low US60c and US61.5c band in coming sessions.
Other brokers spoken to by NZPA said there was little of note in today's quiet session, the kiwi apparently taking a breather after hitting US59.34c on May 17.
Looking ahead, the Budget was out later this week, and there was a raft of US economic data. The global money market is increasingly factoring in a rate rise by the US Federal Reserve in coming months.
Meanwhile, the greenback was buying 112.43 yen (113.42) and the euro was buying US$1.1975 (US$1.1967).
On the crosses, the kiwi was buying A87.16c (A87.24c), 34.02 British pence (34.02), 68.35 yen (68.47), 0.7801 Swiss francs (0.7741), and 0.5078 euros (0.5045).
The trade-weighted index was at 62.55 (62.34), while the monetary conditions index was at plus 352 (334).
On the money market, 90-day bank bill yields were at 5.96 per cent (5.95), February 2006 bonds were at 5.96 per cent (5.94), July 2009s were unchanged at 6.17 per cent, and April 2013s were at 6.33 per cent (6.32).
- NZPA
<i>Currency:</i> NZ dollar consolidates in upper US60c range
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