The New Zealand dollar consolidated today at the lower levels it reached this week, care of investors becoming even more nervous about the global economy.
The NZ dollar was US51.20c at 5pm from US50.90c at the same time yesterday. Earlier in the week it traded above US52c.
"Thecurrency is in a range. It couldn't break US50.60c. It tried three times," said ANZ chief foreign exchange dealer Murray Hindley.
He said the dollar spent most of the day in a range between US50.85c and US51.25c.
"I think it is just consolidating before we see further data releases," he said.
There aren't any economic releases for the rest of the week but a steady stream of weak profit reports is keeping the lid on the share market.
Banks are moving to cut mortgage interest rates again in anticipation of further cuts in the official cash rate and reflecting lower rates in the debt market.
Against the Australian dollar the kiwi was worth A79.70c, little changed from A79.60c at 5pm yesterday.
It rose to 0.4068 euro from 0.4045 yesterday, gained ground to 47.98 Japanese yen from 46.97, and hitched up to 35.87p against the British pound, from 35.76p.
The trade weighted index this morning was 52.49.
The US dollar trimmed gains today after hitting a six-week high against the yen and a three-month peak against the euro.
Demand for the US dollar is being driven by its safe haven appeal.
