The New Zealand dollar dropped against major currencies ahead of meetings in South Korea of the Group of 20 finance and central bank chiefs, who will try to hammer out an agreement to manage currency, trade and macroeconomic imbalances.By 8am today the k
The New Zealand dollar dropped against major currencies ahead of meetings in South Korea of the Group of 20 finance and central bank chiefs, who will try to hammer out an agreement to manage currency, trade and macroeconomic imbalances.
By 8am today the kiwi was down to US74.64c from US74.99c at 5pm yesterday.
The US dollar's broad rebound from earlier losses came amid questions about the extent of expected economic stimulus measures by the Federal Reserve to boost the US economy.
ANZ bank said the higher US dollar could be put down to nervousness ahead of the G20 meeting starting today. It doubted any meaningful agreement on coordinated exchange rate policies would emerge.
With a long weekend approaching, along with the risks around the G20 meeting, ANZ expected sellers would cap any move closer to US75.50c while buyers would patiently await moves below US74.50c before entering the market.
The NZ dollar was down to 0.5357 euro at 8am from 0.5390 euro at 5pm, and edged down to 60.67 yen from 60.86, while being little changed against the Australian dollar at A76.31c.
