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NZ dollar recovers some of weekend fall

The New Zealand dollar today recovered some of a fall during the weekend when weak consumer data in the US and fresh worries about European debt hurt the euro and enhanced the US dollar's safe-haven appeal.By 5pm today the NZ dollar was at 72.77USc from 7

NZPA
Mon, 20 Sep 2010

The New Zealand dollar today recovered some of a fall during the weekend when weak consumer data in the US and fresh worries about European debt hurt the euro and enhanced the US dollar's safe-haven appeal.

By 5pm today the NZ dollar was at 72.77USc from 72.64USc at 8am and 73USc at 5pm on Friday.

Investors continued to reflect that the Reserve Bank was downbeat about the economic outlook when holding interest rates at its monetary policy statement last week ahead of key economic data this week.

Current account data is due on Wednesday and second quarter gross domestic product data on Thursday.

Westpac argued the NZ dollar market was long and vulnerable to a correction, with global risk appetite finely balanced.

Rankin Treasury said the NZ dollar continued to follow the Australian dollar and the euro.

"The NZ dollar has not yet broken out of the ranges, and therefore exporters would be extremely wary of any move above 74USc," Rankin Treasury said.

By 5pm today, the NZ dollar was at €0.5566 from €0.5560 on Friday, and was 77.10Ac from 77.27Ac on Friday evening, while falling to ¥62.35 from ¥62.60.

The trade weighted index fell to 66.89 at 5pm from 67.04 at the same time on Friday.

NZPA
Mon, 20 Sep 2010
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NZ dollar recovers some of weekend fall
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