The New Zealand dollar weakened further overnight, after yesterday afternoon's National Bank Business Outlook reported another sharp fall in business confidence.The number of businesses surveyed who expected general business conditions to improve in 12 mo
The New Zealand dollar weakened further overnight, after yesterday afternoon's National Bank Business Outlook reported another sharp fall in business confidence.
The number of businesses surveyed who expected general business conditions to improve in 12 months' time was down 12 points compared with the July survey.
By 8am today the kiwi was down to US70.74c from US71.05c at 5pm yesterday, and fell to 59.81 yen from 60.66.
BNZ markets strategist Mike Jones said the NZ dollar had drifted lower in the 24 hours to 8am. The overnight trade was relatively lacklustre, with British markets closed for a holiday.
The yen rose broadly after the Bank of Japan's decision to expand cheap loans to banks disappointed investors who had looked for more aggressive measures to curb the yen's strength.
The US dollar fell below 85 yen and the euro lost more than 1 percent against the Japanese currency after the BOJ beefed up the supply of fixed-rate loans to banks to 30 trillion yen ($NZ500 billion) from 20 trillion yen.
The NZ dollar was little changed at 0.5585 euro at 8am, and was up against the Australian dollar to A79.30c at the local open from A79.05c at 5pm. The trade weighted index dropped to 66.31 at 8am from 66.45 at 5pm
