Kiwi stays steady

The New Zealand dollar was little changed as 10-year wholesale money remained below 2 per cent and, with much of the northern hemisphere on holiday on Monday night, New Zealand time, markets will probably continue treading water. The kiwi was trading at US65.51c from US65.53c while the trade-weighted index eased to 72.13 points from 72.15.

The New Zealand two-year swap rate rose to 1.4830 per cent from 1.4769 on Friday while the 10-year swap rate climbed to 1.9750 per cent from 1.9625. The New Zealand dollar was trading at 94.52 Australian cents from 94.42 cents, at 51.47 British pence from 51.40 pence, at 58.47 euro cents from 58.48 cents, at 71.73 yen from 71.66 yen, and at 4.5172 Chinese yuan from 4.5214 yuan.