ANZ Bank senior macro-strategist Phil Borkin said he expects it to stick to a tight range, in particular given the holiday weekend in the US.
He likened the New Zealand dollar to a "beach ball underwater" and said it continued to have firm support around the 69.00 US cent level. "It's hard for it to push lower, there's underlying demand," he said.
"We are treading water and I don't see that changing in the near term," he said.
Looking ahead, Borkin said investors will be watching for next week's financial stability report from the Reserve Bank, in particular as it is Adrian Orr's first as governor of the bank.
The government's announcement on whether it will try to eradicate or manage the Mycoplasma bovis cow disease will also be watched. The government is expected to announce its decision on Monday.
The kiwi dollar traded at 51.77 British pence from 51.79 and 59.10 euro cents from 59.14 cents yesterday and was unchanged at 91.47 Australian cents. It fell to 4.4197 yuan from 4.4255 yuan and was unchanged at 75.81 yen.
New Zealand's two-year swap rate was unchanged at 2.18 per cent while 10-year swaps were unchanged at 3.14 per cent.