The New Zealand dollar headed south overnight ahead of the Reserve Bank's monetary policy statement and official cash rate review this morning.At 8am the NZ dollar was at US74.83c after falling more than a cent in 24 hours.It was the weakest performing cu
The New Zealand dollar headed south overnight ahead of the Reserve Bank's monetary policy statement and official cash rate review this morning.
At 8am the NZ dollar was at US74.83c after falling more than a cent in 24 hours.
It was the weakest performing currency over the last 24 hours and reached as low as US74.56 early this morning.
One factor forcing it lower was yesterday's weaker than expected manufacturing and construction figures for the third quarter which in turn forced economists to revise estimates for GDP for the quarter.
One dealer said the NZ dollar would remain on shaky ground and could drift lower against the US dollar.
The US dollar strengthened against most of the major currencies after big gains in US bond yields.
The Australian dollar fell to be US97.86 from US98.07c at 5pm and against the NZ dollar it also fell to A76.51c from A76.72c at 5pm yesterday.
The NZ dollar dipped to 62.97 yen from 63.08 yen at 5pm yesterday, and was 0.4742 euro from 0.4786 euro yesterday.
The trade weighted index was 67.82 at 8am down from 68.20 yesterday.
