The Australian dollar edged up higher in local trading yesterday but the kiwi currency failed to follow it, closing at 46.32USc compared to its close of 46.34c on Friday.
During Friday night it hit a high of 46.62c on the strength of the Australian dollar, but lost most of those gains during trade in New York, said BNZ chief currency dealer Mike Symonds.
The Australian dollar was up at 58.92c yesterday against 58.34c on Friday.
Mr Symonds expected investors to continue to favour the aussie, which could lead to the kiwi trading in the 45.80c to 46.00c range before it gained some momentum of its own and returned to the 46.60c area.
He said the week ahead looked quiet, with no major local data due, although there would be some focus on preliminary June merchandise trade figures out today.
The Hongkong and Shanghai Banking Corporation said after May's higher $191 million surplus, it expected an $80 million surplus for last month.
The Trade Weighted Index was at 51.87 (52.02), with the 90-day bill yields steady at 6.80 per cent.
The Monetary Conditions Index tightened from minus 485 on Friday to minus 499.
- NZPA
Limp opening to kiwi's week
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