The New Zealand dollar fell in afternoon trading when the Australian dollar, euro and sterling weakened and US dollar rose, a dealer said.It had strengthened on Wednesday night when it touched 70USc.The NZ dollar was 69.57USc at 5pm from 69.79USc at 8am a
The New Zealand dollar fell in afternoon trading when the Australian dollar, euro and sterling weakened and US dollar rose, a dealer said.
It had strengthened on Wednesday night when it touched 70USc.
The NZ dollar was 69.57USc at 5pm from 69.79USc at 8am and 69.49USc at 5pm yesterday.
"We've seen the aussie dollar come down to below 86USc and the euro come down to below $US1.23 and that's been reflected back in the kiwi," one dealer said.
Equity markets were mildly weak in Asia today but the NZ dollar has basically been trading in a range below 70USc for several days.
BNZ strategist Mike Jones said global equity markets and investor sentiment remained the main driver of the NZ dollar.
The euro retreated against the greenback after a Spanish newspaper reported that the European Union, International Monetary Fund and US Treasury were drawing up an emergency credit line for Spain.
The European Commission rejected the report, but the premium investors demand to hold 10-year Spanish bonds over German bunds hit the highest level in the euro's 11-year history.
Data showing US housing starts plunged in May to their lowest level in five months also weighed on the euro, though stronger-than-expected industrial production data kept losses in check.
The NZ dollar was 0.5671 euro at 5pm from 0.5638 at the same time yesterday, and was at 63.48 yen from 63.56 yen.
Against the Australian dollar, the NZ dollar was buying 81.00Ac at 5pm, having climbed from a fortnight low around 80.20Ac at 6pm yesterday.
The trade weighted index rose to 67.35 from 67.10 at 5pm yesterday.
