The New Zealand dollar failed to spark into life yesterday, with investors taking time out to enjoy Auckland's Anniversary Day holiday.
The kiwi traded in a tight 15-point range, ending the day up slightly at 43.78USc from 43.66c at 9 am.
"Overall it has been an extremely quiet Monday," one currency dealer said.
Dealers said the kiwi was unlikely to break out of its present range ahead of the US Federal Reserve's two-day monetary policy meeting today and tomorrow.
"I think everyone is really waiting for the Fed decision. We are really range-bound," the dealer said.
The Fed is expected to drop interest rates for the second time in a month, after a surprise 50 basis point cut to the overnight bank lending rate on January 3.
Other kiwi partners were in a similar holding pattern - at 5 pm the euro traded at 92.56USc and the aussie was at 54.43USc.
- NZPA
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