THE New Zealand dollar has held its gains against the greenback amid speculation Federal Reserve chair Janet Yellen may clarify the US central bank's view on starting interest rate hikes.
The kiwi traded at 86.81 US cents at 5pm in Wellington, little changed from the start of the day or the Friday close in New York. It was at 86.37 cents on Friday in Wellington.
The trade-weighted index was little changed from 8am at 80.45, up from 80.02 on Friday.
The New Zealand dollar surged to a three-year high after the release last week of minutes of the Fed's last policy meeting, which showed policy makers were concerned that projections for an interest rate rise were overstated and could be misconstrued by the market.
Dr Yellen is scheduled to present her opening remarks by video conference to the Financial Markets Conference in Georgia on Tuesday and deliver a speech on monetary policy and the economic recovery on Wednesday in New York.
"There's a good chance of some elaboration (on the minutes) and a bit of backtracking on that, some softening of stance," said Imre Speizer, senior market strategist at Westpac Banking Corp.
That "might just pull the US dollar back a teeny bit and keep the kiwi up at these levels".
The kiwi traded at 62.64 euro cents from 62.70 euro cents at 8am in Wellington and from 62.16 cents at 5pm on Friday.
It traded at 92.39 Australian cents from 92.43 cents at the start of the day and 92.09 cents on Friday.
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