The New Zealand dollar is slightly stronger against all the currencies of our major trading partners with the exception of the Australian dollar, against which it is slightly weaker.
Bancorp Treasury Services senior client advisor Peter Cavanaugh said the kiwi had recovered slightly following last Thursday's sell-off, prompted by the Reserve Bank leaving interest rates unchanged while the Federal Reserve further scaled back its money-printing programme.
"Well the market's going through one of these phases where it's had a real rush following the Federal Reserve and the Reserve Bank last Thursday morning and waiting for the Reserve Bank of Australia tomorrow," Mr Cavanaugh said.
"So they're just collectively catching their breath, and (it's) also coinciding with Chinese New Year."
Just after 5pm, the New Zealand dollar was buying: 81.18 US cents, 92.73 Australian cents, 49.4 pence, 0.6016 euro and 83.06 yen.
Shares weaker
New Zealand shares were weaker on Monday, the NZX Top 50 Index sinking 25 points to 4850.
Forsyth Barr investment adviser Aaron Raitt said investors were looking for the turmoil in emerging markets to calm.
"Today a pretty quiet day on our markets as we wait for more direction offshore," he said.
"We're really needing to see more stabilisation in the emerging markets as they just continue to raise interest rates aiming to halt the exodus of money."
Xero shares fell $1.98 to $39.51, which Mr Raitt said was possibly due to investors reacting to growth costs accelerating faster than expected revenue.
Forsyth Barr analyst Andrew Harvey-Green said Xero had a great future and had performed well but, at the current share price, investors were not being compensated for the risk involved.
In the property sector, Precinct Properties gained 1 cent to 99 cents, Kiwi Income Property Trust rose 1 cent to $1.12 and Vital Healthcare Property Trust edged up 1 cent to $1.27.
