The New Zealand dollar was range-bound yesterday, after peeking up towards 42USc on Friday night.
By 5 pm the kiwi had dropped to 41.56USc from 41.75c at Friday's close, and the aussie had risen to 52.19USc from Friday's 51.93c.
The aussie/kiwi cross had a corresponding drop, falling to a four-month low of 79.63Ac.
One local dealer said the kiwi had a burst of activity on Friday but started the week off quietly.
"There's no interest in the kiwi - it's not just quiet times, it's getting quieter and quieter, and there's less and less liquidity. It will be like this until Christmas at least," the dealer said.
Hong Kong and Shanghai Banking Corporation's Peter Hunt said solid buying of the Australian dollar and Australian/New Zealand cross by hedge funds, coupled with selling of the kiwi by a Swiss Bank on Friday, was responsible for the kiwi's demise.
On other crosses at 5 pm the kiwi was trading at 29.13 pence (29.12), 0.9212 marks (0.9232), and 0.6906 Swiss francs (0.6911).
The 90-day bank bills were steady at 4.88 per cent.
On the debt market, the March 2002 bonds were unchanged at 4.80 per cent, the April 2004s were at 5.39 per cent (5.40) and the November 2011s were at 6.46 per cent (6.39).
- NZPA
<i>Currency:</i> Quieter kiwi slips below 80c aussie
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