NZ dollar falls half a US cent

The New Zealand dollar fell more than half a cent against the greenback, amid renewed concerns about Spain’s growing public debt.

 
 

THE New Zealand¬†dollar fell more than half a cent against the greenback, amid renewed concerns about Spain’s growing public debt.

The New Zealand dollar fell as low as 81.24 US cents overnight from 82.01 cents on Tuesday at 5pm. The kiwi traded at 81.47 cents just before 8am.

The region’s Stoxx 600 Index fell 2.6 per cent after it resumed trading after a four-day weekend, while Wall Street’s Dow Jones Industrial Average and the Standard & Poor’s 500 Index both dropped 1.5 per cent in the lead-up to earnings season.

“Europe has talked for ages about implementation but at the moment they don’t have the answers,” said Alex Sinton, senior dealer at ANZ New Zealand.

“The New Zealand dollar probably led the way lower last night.”

The rising yields on Spanish and Italian bonds rose bolstered demand for the perceived safety of US government debt.

The New Zealand dollar fell to 79.36 Australian cents from 79.54 cents on Tuesday. The kiwi declined to 62.24 euro cents from 62.45 cents and to 65.71 yen from 66.73 yen.

The trade weighted index decreased to 72.87 from 73.28.

 
 

 
 

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