NZ dollar falls against broadly rising greenback
The New Zealand dollar has fallen to a two-week low against a broadly rising greenback, which was boosted by data showing new United States jobless claims hit a 2-1/2-year low.
The New Zealand dollar has fallen to a two-week low against a broadly rising greenback, which was boosted by data showing new United States jobless claims hit a 2-1/2-year low.
The kiwi dropped to around US76.35c early today, from US77.07c at 5pm yesterday, and was at US76.43c by 8am.
The NZ dollar also dropped to 0.5611 euro from 0.5622, as the European currency also fell away against the greenback on worries over Europe's lack of progress in tackling its debt crisis.
The euro struggled as investors drove Portuguese bond yields to their highest level since the currency was introduced in 1999. Portugal is considered at risk of becoming the next euro zone country to need a bailout.
ANZ bank said increased risk aversion and the weaker euro had been enough to see initial support levels for the NZ dollar tested and broken overnight.
The week should end relatively quietly for the NZ dollar as most of the economic news had been delivered, ANZ said.
Food price data for January due out today should not surprise many, given the current environment, and it would have little impact on NZ dollar moves.
The kiwi also fell against the Australian dollar overnight, dropping to A76.14c at 8am from A76.42c at 5pm, while the NZ dollar was little changed at 63.58 yen. The trade weighted index was down to 68.12 at 8am from 68.46 at 5pm.
NZPA
Fri, 11 Feb 2011
Fri, 11 Feb 2011
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NZ dollar falls against broadly rising greenback
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