The New Zealand dollar fell today on news of weak building consents and weak business confidence and as equity markets fell.The NZ dollar was US73.57c at 5pm from US73.90c at 8am and US73.89c at 5pm yesterday. It had pushed to a week high around US74.05c
The New Zealand dollar fell today on news of weak building consents and weak business confidence and as equity markets fell.
The NZ dollar was US73.57c at 5pm from US73.90c at 8am and US73.89c at 5pm yesterday. It had pushed to a week high around US74.05c overnight.
News that business confidence, as measured by the National Bank Business Outlook survey, slipped in September was a negative factor.
The survey's authors said there was a real danger that an overly cautious stance by business could become self-fulfilling.
New Zealand building consent data for August was also weak, leading ASB economists to conclude that the Reserve Bank will not resume the process of returning monetary condition to normal levels until March next year.
The Australian dollar also dipped when a disappointing 4.7% drop in building approvals in August triggered a bout of profit-taking. It fell from 97.04USc to be 96.66Ac at 5pm.
The aussie traded at 98.50USc in July 2008 when it hit its highest level since being floated in 1983.
The NZ dollar had dropped below 76Ac against the Australian dollar for the first time in nearly six months on Wednesday night when the Australian currency was strong.
It was 76.07Ac at 5pm after falling to 75.86Ac on Wednesday night from 76.33Ac at 5pm yesterday.
The US dollar was stuck near an eight month low in Asian trading today.
The NZ dollar was at €0.5410 from €0.5436 yesterday and at ¥61.49 from Y61.86.
The trade weighted index was 66.28 at 5pm from 66.568 yesterday.
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
