The New Zealand dollar consolidated today, spending most of the session below its US60c high struck overnight.
By 5pm the kiwi was at US59.69c, up from US59.52c last night, while the aussie was at US67.79c from US67.93c yesterday.
ANZ Investment Bank chief foreign exchange dealer Murray Hindley said the kiwi traded in a 40-point range today.
"Obviously it consolidated more in a US59.40/80c range today, and US dollar yen's managed to hold above 112 (yen) today ..."
Current account data on Thursday -- expected to show a wider deficit -- and gross domestic product numbers on Friday are going to provide domestic focus this week.
"It still feels like we're going to push up against US60c in the short term," Mr Hindley said.
"Tonight it's pretty hard to see it too much outside of US59.40/80c, I think it might be a night of consolidation after the bigger moves yesterday."
With Tokyo closed for the Autumnal Equinox holiday, markets were reconsidering some of the yen's Monday gains and wondering how far the Bank of Japan would let the yen go.
The forceful selling of the US dollar to near three-year lows against the yen after the weekend meeting of the Group of Seven eased today, when the rallying yen met with some resistance as markets worried about getting carried away.
The euro rose to US$1.1480 from US$1.1449 yesterday, while the US dollar eased to 112.04 yen (112.30).
On the crosses the kiwi was at A88.02c (A87.62c), 66.85 yen (66.84), 36.21 pence (36.12), 0.8075 Swiss francs (0.8093), and 0.5198 euro (0.5198).
The Australian dollar was buying $1.1364 ($1.1409).
The monetary conditions index was at plus 272 (263), the trade-weighted index was at 62.53 (62.44) and 90-day bank bill yields were unchanged at 5.16 per cent.
The February 2005 Government bond yields were at 5.23 per cent (5.28), the November 2006s were at 5.49 per cent (5.54), and the November 2011s were unchanged at 5.83 per cent (5.88).
- NZPA
<i>Currency:</i> Kiwi consolidates below US60c
AdvertisementAdvertise with NZME.