NZ dollar continues fall against greenback
The New Zealand dollar fell against the greenback which strengthened ahead of next week's meeting of the United States Federal Reserve.Around 7.30am the NZ dollar was buying US74.33c down from US74.70c at 5pm yesterday. Earlier today the kiwi dropped clos
The New Zealand dollar fell against the greenback which strengthened ahead of next week's meeting of the United States Federal Reserve.
Around 7.30am the NZ dollar was buying US74.33c down from US74.70c at 5pm yesterday. Earlier today the kiwi dropped close to US74c, its lowest level in more than three weeks.
BNZ markets strategist Mike Jones said a broad based bounce in the US dollar ensured the NZ dollar continued on its southwards trajectory against the greenback overnight.
It would take a "real bolt from the blue" from the Reserve Bank of New Zealand interest rate announcement due at 9am to have any sustained impact on the NZ dollar, Mr Jones said.
Reserve Bank Governor Alan Bollard was widely expected to leave the official cash rate at 3 percent.
The US dollar rose against the euro and yen, with some investors more willing to take bets on the greenback on expectations the US economy would gain traction from quantitative easing, which the Fed was expected to announce.
The NZ dollar slipped to A76.69c at 7.30am against the Australian dollar from A76.78c at 5pm, was barely changed at 0.5406 euro, and dropped to 60.77 yen from 61.05. The trade weighted index was down to 66.48 at 7.30am from 66.70 at 5pm.
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