NZ dollar slumps back toward US80c
The New Zealand dollar slumped towards US80c, as international share prices, and some commodity prices turned to custard in the face of a spiralling euro, and a greenback which rose across the board.
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The New Zealand dollar slumped towards US80c, as international share prices, and some commodity prices turned to custard in the face of a spiralling euro, and a greenback which rose across the board.
The euro fell to near a three-week low remained vulnerable to concerns over the Greek debt crisis.
"Investors are getting worried that policymakers can't agree on measures for Greece," Kimihiko Tomita, foreign exchange manager at State Street told Reuters.
"Even though the Greek economy accounts for only a small part of the euro zone economy, it could affect the whole European financial system if it is considered to be in default."
The euro stood at $US1.4125c at 5pm -- a low not seen since late May -- and down from US1.4408 at the same time yesterday.
As the euro sagged, the greenback held firm against safe-haven currencies such as the Swiss franc and yen and left the NZ dollar at US80.17c at 5pm, down from US81.51 at the same time yesterday.
Another commodity currency, the Australian dollar also lost ground to the greenback, to $US1.0534c, compared with $US1.0699c at 5pm yesterday. The yen fared better, rising to US80.98c, from US80.53 at 5pm yesterday.
The NZ dollar rose to 0.5681 euro at 8am from 0.5658 at 5pm yesterday, and retreated only a little to end today's session at 0.5675 euro.
It fell to 64.91 yen at 5pm from 65.64 yesterday, and against the pound sterling was 49.58p, from 49.82p at 5pm yesterday.
The trade weighted index fell to 69.71 at 5pm from 70.15 points yesterday.
ANZ bank said during the day that it was impossible to tell where markets would go from here.
Global moves would dominate the NZ dollar, with New Zealand-specific events inconsequential.
NZPA
Thu, 16 Jun 2011
Thu, 16 Jun 2011
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NZ dollar slumps back toward US80c
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