The New Zealand dollar was little changed near its highest in more than two months, having rallied through January, as low global volatility ensures the so-called carry trade remains popular.

The kiwi traded at US72.65 cents at 5pm today from US72.62c in late New York trading on Friday. The trade-weighted index slipped to 79.46 from 79.58 on Friday, having reached 79.76 last week, the highest since April 2015.

Traders said financial markets haven't reacted much to US President Donald Trump's temporary ban on travellers from seven Muslim-majority countries, because it is not yet clear what the economic impact may be from his protectionist policies.

If economic concerns came to the fore, it was likely the Federal Reserve wouldn't be as aggressive in raising interest rates, said Chris Weston, chief market strategist at IG Markets.

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The kiwi didn't move much after figures showed NZ's monthly trade deficit was little changed in December from the year-earlier month at $41 million as imports and exports slid by about the same amount.

The deficit is less than the $98m anticipated by economists, according to a consensus forecast..

The kiwi traded at A96.16c from A96.23c in New York on Friday. It traded at 4.9974 yuan, and briefly topped 5 yuan, from 4.9946 yuan and fell to 67.70c from 67.89c. It traded at 57.76p from 57.88p last week and fell to 83.14 from 83.58.