The dollar closed at 39.83USc after trading within a very tight range yesterday.
The markets quietened in the late afternoon before the Melbourne Cup, and the kiwi fluttered between 39.70USc and 39.85USc.
BNZ foreign exchange dealer Greg Ball said retail sales data released yesterday had not had much impact on the currency.
Statistics New Zealand said seasonally adjusted retail sales rose 2.1 per cent over the September quarter to $10.97 billion.
Financial markets had expected sales to rise just 1.1 per cent when compared with the previous June quarter.
"It was a pretty quiet day, nothing really to report," said Mr Ball.
"I'd put it down to an off-afternoon with most of the market out for the Melbourne Cup.
"We're slightly weakish on a weaker euro, but not much more than that."
He said the United States presidential election had little relevance for the New Zealand dollar, which he expected to grind through the rest of the week between 39.50USc and 40.50USc.
Analysts predicted that the US dollar would strengthen more with the election of George W. Bush and hold steady or fall on an Al Gore victory.
- NZPA
<i>Currency:</i> Kiwi flutters in quiet trade
AdvertisementAdvertise with NZME.