NZ dollar dips to new decade low against Australian dollar
The Australian currency is benefitting more from higher commodity prices.
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The New Zealand dollar dropped to a new decade low against the Australian dollar which spent part of the overnight session above parity with the greenback.
From 74.41Ac against the Australian dollar at 5pm yesterday, the kiwi was at 74.19Ac by 8am, having dipped to around 74Ac a few minutes earlier, according to Reuters data.
The NZ dollar was little changed against the US dollar at 74.17USc, while rising to €0.5666 at 8am from €0.5647 at 5pm.
BNZ currency strategist Mike Jones said currency markets were "a bit of a snooze-fest" overnight, with the lack of any clear direction keeping the NZ dollar contained in an "extraordinarily tight" range between 74.10USc and 74.50USc.
There was relatively more action in the NZ dollar against the aussie, Mr Jones said.
With investors generally wary of adding to NZ dollar positions ahead of third quarter GDP data at 10.45am today, the Australian currency tended to benefit relatively more from modest gains in commodity prices.
The NZ dollar slipped to ¥62.02 at 8am from ¥62.14 at 5pm, while the trade weighted index dropped to 67.14 from 67.19.
NZPA
Thu, 23 Dec 2010
Thu, 23 Dec 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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NZ dollar dips to new decade low against Australian dollar
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