Dollar dips against greenback
Down by more than a cent in afternoon trading.
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The New Zealand dollar has fallen more than a cent against the greenback this afternoon, after Japan's central bank intervened to stem the Yen's rise.
The Kiwi has fallen to 85.29USc according to Reuters, well below today's high of 86.63USc.
Its fall comes only days after it reached a post-float high of more than 88USc on the back of concerns about a possible credit downgrade for the US government.
The New Zealand dollar is one of a number of "safe haven" currencies to have appreciated against the greenback recently.
The Bank of Japan's intervention followed the Swiss National Bank's decision to slash interest rates to protect exporters against the rapidly rising Swiss Franc.
However, the Reserve Bank of New Zealand hasn't intervened in the currency market and is expected to raise the Official Cash Rate within a few months.
Niko Kloeten
Thu, 04 Aug 2011
Thu, 04 Aug 2011
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Dollar dips against greenback
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