The New Zealand currency dropped further overnight following more uncertainty created by the Greek referendum on that country’s bailout.
The drop is the latest move in a volatile six-day period, after the New Zealand currency rose against the US dollar on Friday following news of the Greek bailout deal.
The New Zealand dollar drove above US82c for the first time since early September. However offshore data this week has seen falls back and early this morning the currency hit US76.74c.
Falls on Monday in both the New Zealand and Australian dollars were driven by the latest manufacturing data from China, which showed an unexpectedly sharp fall.
The latest drop though is triggered by market sentiment following the announcement by the Greek government it hold a referendum on the bailout package.
The Australian dollar also fell, although only by 0.4% against the US currency, a much lower proportional fall than the New Zealand currency’s fall.
Rob Hosking
Thu, 03 Nov 2011
Thu, 03 Nov 2011
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Dollar drops again
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