Dollar jumps higher on offshore news
The New Zealand dollar rose over a cent against the US dollar after another spate of mostly offshore data.
The New Zealand dollar rose over a cent against the US dollar after another spate of mostly offshore data.
After hitting US74.47c overnight, the currency jumped above US76c again this morning [see graph of currency's progress over the past 24 hours].
The jump followed an overnight credit downgrade for Italy - the second in a matter of weeks - and also after US Federal Reserve chairman Ben Bernanke gave a downbeat summary of the economy to US legislators.
Citing ongoing economic and political turmoil in Europe, Mr Bernanke said this would affect US and world economic activity generally, although it was difficult to know how much.
"But there seems little doubt that they have hurt household and business confidence and that they pose ongoing risks to growth,” he said.
Rob Hosking
Wed, 05 Oct 2011
Wed, 05 Oct 2011
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Dollar jumps higher on offshore news
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