The New Zealand dollar was little changed, keeping within the narrow range of the past two weeks, with weaker commodity prices generally weighing on the currencies of commodity-exporting nations.
The kiwi dollar traded at 70.06 US cents as at 8am in Wellington from 70.03 cents late yesterday. The trade-weighted index was at 76.12 from 76.04.
The CRB Index of 19 commonly traded commodities fell 0.7 per cent overnight, although the kiwi dollar didn't fall as much as counterparts such as the Australian dollar, which dropped yesterday after weak retail sales data.
Traders say reduced volumes on offer at tonight's GlobalDairyTrade auction may see prices rise for the second time in a row but globally, markets are more focused this week on a two-day meeting between US President Donald Trump and his Chinese counterpart Xi Jinping and US non-farm payrolls data at the end of the week.
"Commodity currencies have underperformed, with commodity prices generally lower, although falls have been modest," said Jason Wong, currency strategist at Bank of New Zealand, in a note.
