The New Zealand dollar settled into a fairly narrow range today after pushing to within a whisker of US69c on Thursday night.
By 5pm the NZ dollar was buying US68.44c, little changed from US68.35c at 8am and compared to US68.46c at 5pm yesterday.
ANZ said the NZ dollar's rise above US68.91c on Thursday night had been unsustainable.
Investors are waiting for non-farm payrolls report in the United States on Friday US time. The US economy is expected to have added 513,000 jobs in May but gains are expected to be temporary for a census, Reuters reported.
The focus is also turning to the Reserve Bank of New Zealand interest rate review next week.
ASB said there are signs of inflation pressures building up, citing the sharp fall in unemployment in the first quarter and a stimulatory fiscal policy.
The counter to both the stronger inflation and economic activity outlook was uncertainty stemming from the euro zone.
The NZ dollar was A80.99c by 5pm from A80.82c at the same time yesterday. It was 0.5621 euro at 5pm from 0.5569 yesterday.
The NZ dollar was at ¥63.44 yen at 5pm from ¥63.15 yesterday as political uncertainty continues in Japan.
The NZ dollar's trade weighted index was up to 66.79 at 5pm from 66.51 yesterday.
