Kiwi dollar joins the wild ride
NZD worst performing currency over past 24 hours
The Kiwi dollar was dragged along for the ride as global equities took another downturn last night on rumours a downgrade of France’s top-notch rating is imminent.
A 2 cent fall against the greenback overnight saw the Kiwi trading at 81 US cents this morning, having fetched between 84 US cents and 80 US cents in the last 24 hours, making it the worst performing currency over the past 24 hours.
BNZ Research said the sharp move lower against the greenback triggered stop-loss selling of the Kiwi against the Australian dollar. The NZD/AUD cross rate has fallen back to 79.3c from around 80.5c yesterday.
Stocks on Wall Street slumped again last night as rumours of further downgrades in Europe swept world markets, with France pinpointed as next on the list.
Georgina Bond
Thu, 11 Aug 2011
Thu, 11 Aug 2011
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Kiwi dollar joins the wild ride
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