NZ dollar drops further
UPDATED: Kiwi dropped below 80USc at 2.19pm.
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UPDATED: The New Zealand dollar dropped over a cent today, hitting 80.38 just after 2pm.
The fall followed further drops in global currency and equity markets, with the NZX dropping 3.5% after midday.
UPDATED: The kiwi currency has continued to fall, dropping to 81.32USc as market watchers expect further falls.
The New Zealand dollar dropped again this morning as global financial markes continued to digest the latest wave of bad news from the north Atlantic economies.
The dollar fell to 82.04USc by 9am - adding up to a 2c fall in 24 hours.
The currency is expected to fall further, said Westpac New Zealand cheif economist Dominick Stephens.
"We're heading for a global slowdown and that is going to mean lower commodity prices, which is going to mean a lower NZ dollar," he said.
"We've long been forecasting a fall to 77USc by the end of the year, but in light of the recent news it could go lower than that."
Rob Hosking
Tue, 09 Aug 2011
Tue, 09 Aug 2011
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NZ dollar drops further
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