The New Zealand dollar gave up marginal gains to end flat as nondescript trade continued yesterday.
It finished at 43.05USc (43.04c at Monday's close).
"We've got offers at 43.20c and buyers at the figure [43c] which largely wrapped it up on the day," a currency dealer said.
With markets quiet as America completed its President's Day holiday on Monday (US time), the dealer expected another range-bound day today.
Last year's dominant dynamic - global investment powering a strong greenback but ignoring slower-growth economies - is now back in place after the euro, kiwi and aussie broke out for a few weeks at year end.
However, the latter group got some respite yesterday as the International Monetary Fund downgraded America's growth outlook to 1.7 per cent this year from the 3.2 per cent it forecast in September.
The dealer said that for the kiwi to rise sustainably, selling interest around 43.30c would need to be exhausted.
- NZPA
<i>Currency:</i> US holiday leaves dollar-trading flat
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