The New Zealand dollar had a volatile session reacting to offshore markets today after taking a pounding yesterday from worse-than-expected unemployment statistics.Investors are increasingly worried about the levels of sovereign, or government debt, in Eu
The New Zealand dollar had a volatile session reacting to offshore markets today after taking a pounding yesterday from worse-than-expected unemployment statistics.
Investors are increasingly worried about the levels of sovereign, or government debt, in Europe. They are dumping shares and non-US dollar currencies.
Non-farm payroll data due in the US tonight adds another uncertainty to the mix.
The NZ dollar was 69.01USc at 5pm from 68.83USc at 8am and 69.80USc at 5pm yesterday.
It fell to a five-month low of 68.45USc on Thursday night and spent today's session between around 69USc and 68.58USc.
Dealers stressed that weakness overnight was not confined to the NZ dollar.
"A lot of currencies got aggressively sold against the US dollar last night," one dealer said.
The euro fell to its lowest level in eight months against the US dollar in Asian trading today at $US1.3669 and was $US1.3716 at 5pm.
"At the moment we are being driven very strongly by what is happening with equity markets and the aussie as well," he said.
The NZ dollar had been to the bottom and top of today's range twice today.
The NZ dollar was 79.49Ac at 5pm from 79.26Ac at 5pm yesterday.
Against the euro it was €0.5030 from €0.5028 yesterday and ¥61.87 from ¥63.44 against the yen.
The trade weighted index fell to 64.10 from 64.52.
