THE New Zealand dollar has held near the bottom of its recent band as the European Central Bank (ECB) forum may give investors clues to how the monetary authority will stave off threats to the regional economy.
Holidays in the US and UK are likely to keep trading volumes light, traders said.
The kiwi traded at 85.33 US cents 5pm in Wellington from 85.36 cents at 8am and 85.39 cents on Friday in New York. The trade-weighted index was 79.73 from 79.78 at the Friday close.
Traders are looking for any clues as to how the ECB will overcome low inflation and whether the bank will ease monetary policy further through a series of stimulus measures.
"The ECB speakers have started off fairly dovish" and "there's still more ECB rhetoric to come," said Alex Hill, head of trading at HiFX in Auckland.
"The euro is under pressure, which is keeping the US dollar bid firmly and commodity currencies down."
Mr Hill said the lack of liquidity in the market means traders could push the kiwi around in the northern hemisphere session.
The kiwi is trading about 20 basis points above a strong support level, he said.
It traded at 86.98 yen at 5pm in Wellington from 87.06 yen on Friday in New York, and was little changed at 92.37 Australian cents from 92.44 cents and at 62.66 euro cents from 62.63 cents.
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