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Hot Topic NBR Focus: GMO
Hot Topic NBR Focus: GMO
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NZ dollar falls further against greenback, up against Aussie

The New Zealand dollar continued to fall against the greenback, as equity market weakness and key risk barometers attracted strong selling interest.By 8am today the kiwi was buying 70.19USc, down from 70.43USc at 5pm on Friday, and after having peaked aro

NZPA
Mon, 01 Feb 2010

The New Zealand dollar continued to fall against the greenback, as equity market weakness and key risk barometers attracted strong selling interest.

By 8am today the kiwi was buying 70.19USc, down from 70.43USc at 5pm on Friday, and after having peaked around 74.40USc in mid-January.

The NZ dollar did strengthen against the Australian dollar, up to a 10-day high around 79.50Ac at the local open today from 78.93Ac at Friday's local close.

ANZ bank said concerns about the timing of the next rate rise in Australia had resulted in the spike higher.

The kiwi had finished the week lower against the greenback for the second consecutive week, as equity market weakness and Greek sovereign debt concerns resulted in a spike in investor risk aversion, ANZ said.

The US dollar rose against major currencies overnight Friday after stronger-than-expected economic data reinforced the view the United States is recovering from recession faster than other developed countries.

The euro fell below $US1.39 to a 6-12-month low as investors remained concerned about the fiscal health of some of the smaller euro zone countries including Greece and Portugal.

Data showed the US economy grew at a 5.7% annual rate in the fourth quarter, its quickest pace in more than six years.

Separate reports showed business activity in the US Midwest expanded more than expected, while consumer sentiment hit a two-year high.

The NZ dollar edged up to €0.5063 at 8am today from €0.5052 at 5pm on Friday, while slipping to ¥63.11 from ¥63.38.

The trade weighted index was 64.74 at 8am today from 64.72 at the local close.

NZPA
Mon, 01 Feb 2010
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NZ dollar falls further against greenback, up against Aussie
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