Kiwi quiet as Asia celebrates

19:46, Feb 10 2013

The New Zealand dollar consolidated against the greenback this morning, with most of the Asian market out of action for the lunar New Year.

The kiwi recently traded at US83.53 cents, up slightly from US83.46c at 5pm on Friday, while on the Trade Weighted Index of major trading partners' it eased to 75.70 from 75.77.

BNZ currency strategist Mike Jones said the kiwi was likely to have a quiet day, giving traders the opportunity to catch their breath.

"There's no local or offshore data so it's shaping up as a very sleepy session. You could see a bit of sideways consolidation," he said.

Many Asian markets were on holiday as the lunar New Year festivities kicked off yesterday.

Jones said the kiwi was likely to remain hemmed into the US82.80c to US84.50c range over the week.

On the crosses, the kiwi recently traded at 81 Australian cents, 62.60 euro cents, 52.87 pence, and 77.40 Japanese yen.