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NZ dollar continues decline against aussie

The New Zealand dollar fell to a new five-month low against the Australian dollar.The NZ dollar dropped to about 76.30c against the aussie early today and by 8am was only slightly higher at 76.35c, little changed from its level at 5pm yesterday.However, a

NZPA
Tue, 28 Sep 2010

The New Zealand dollar fell to a new five-month low against the Australian dollar.

The NZ dollar dropped to about 76.30c against the aussie early today and by 8am was only slightly higher at 76.35c, little changed from its level at 5pm yesterday.

However, against the US dollar the kiwi managed to "piggy-back" the perky aussie and ended the night around the top end of its US73.30c to US73.70c range, BNZ strategist Mike Jones said.

Modest gains in metals prices served to underpin the Australian dollar against the greenback. Most notably, gold prices eked out a fresh record high of $US1300 an ounce.

"After storming higher for most of the month, equity markets paused for breath, tempering investors' risk appetite and demand for 'growth-sensitive' currencies like the NZD and AUD," Mr Jones said.

The NZ dollar was buying US73.60c at 8am today little changed from US73.41c at 5pm yesterday. It had reached an eight-month high of US74.18c last week.

The euro fell from a five-month high against the US dollar as worries about fiscal debt problems in euro zone countries such as Ireland weighed on the single currency.

The kiwi was at 0.5461 euro by 8am slightly up from yesterday's local close and was buying 61.98 yen little changed from 61.82 yen at 5pm yesterday.

The trade weighted index edged up to 66.57 from 66.49 yesterday.

NZPA
Tue, 28 Sep 2010
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NZ dollar continues decline against aussie
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