The New Zealand dollar fell against the greenback as weak consumer data in the United States and fresh worries about European debt hurt the euro and enhanced the US dollar's safe-haven appeal.By 8am today the NZ dollar was buying US72.64c from US73c at 5p
The New Zealand dollar fell against the greenback as weak consumer data in the United States and fresh worries about European debt hurt the euro and enhanced the US dollar's safe-haven appeal.
By 8am today the NZ dollar was buying US72.64c from US73c at 5pm on Friday, although it had pushed to around US73.30c during Friday night.
ANZ bank said the Friday night lift in the NZ dollar could not be sustained as rumours circulated on the financial health of Ireland and Portugal. While denied late, the rot set in and the kiwi weakened with the euro.
By 8am today, the NZ dollar was little changed from its 5pm Friday level, at 0.5565 euro, but did rise against the Australian dollar to A77.58c from A77.27c on Friday evening, while falling to 62.27 yen at today's local open from 62.60.
The trade weighted index fell to 66.91 at 8am today from 67.04 at 5pm on Friday.
The euro fell broadly overnight Friday, hurt by the European debt worries and weak US consumer data.
Trading was more subdued when it came to the US dollar against the yen, with the US currency moving in a narrow range just below a one-month peak of 86 yen.
Dealers said trading was limited by fear that the Bank of Japan, which sold yen in the market for the first time in six years earlier last week, could intervene again if the US dollar were to approach 85 yen.
