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NZ Dollar Back Below A83c And Tipped To Go Lower

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, May 6 NZPA - The New Zealand dollar dropped back below A83c early today, following robust house price, job ads and inflation data across the Tasman yesterday.

The kiwi is expected to keep sliding against its trans-Tasman counterpart after last week dropping below the A83c level for the first time in nearly six months.

By 8am today the NZ dollar was buying A82.98c from A83.37c at 5pm yesterday.

In its morning brief today, the ANZ bank said only strength in the aussie and the euro had managed to drag the NZ dollar higher against the US dollar overnight.

All focus would go on the Reserve Bank of Australia (RBA) interest rate announcement at 4.30pm (NZT) today, ANZ said.

Latest Australian inflation figures would have been troubling for the RBA, and a more hawkish tone from it today would see the Australian dollar well supported, and help the kiwi along as well.

Further heavy selling of the NZ dollar ahead of the RBA statement was likely, ANZ said.

Having been knocked lower overnight the NZ dollar cross against the aussie was in danger of dropping below the key A82.50c level, ANZ said.

The US dollar extended losses overnight, falling to session lows against the euro and yen, as investors debated the strength of the US economy amid high oil prices.

The NZ dollar was buying US78.53c at today's local open from US78.25c at 5pm yesterday.

Against the euro, the kiwi was slightly up at 0.5072 from 0.5062, while it was also buying 82.35 yen at 8am from 82.32 at 5pm. The trade weighted index eased up to 70.24 from 70.17.

NZPA WGT Reuters mjd nb

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