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NZ Dollar Continues To Lose Ground Ahead Of Holiday

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Fuseworks Media
Fuseworks Media

Wellington, March 20 NZPA - The New Zealand dollar fell further against major currencies today as the global rout in commodity prices, particularly gold, continued.

However, the kiwi recovered a little from its session low of US79.64c to trade at US80.12c by 5pm, down from US81.40c late yesterday afternoon.

It strengthened against the Australian dollar, to A87.54c from A87.29c, as the Aussie also declined against the US dollar.

The Australian dollar has weakened as commodity prices declined, and was joined by the kiwi in feeling the effects of risk aversion.

Investors were again seeking out assets considered safer, unlike the higher yielding currencies, as concerns mounted about the state of the US economy.

The kiwi was weaker against the euro and yen, and steady against the pound.

The US dollar was mixed in holiday-thinned trading as improved sentiment about the US economy, in the wake of interest rate cuts and positive results from US investment banks, appeared to sour.

"Australasian currencies will continue to lose some of their recent shine as commodity prices back off from recent highs," ANZ said today.

The greenback should continue its consolidation given an end to lower US interest rates was just around the corner, the ANZ said.

New Zealand markets are closed tomorrow and on Monday for Easter. On the calendar next week is fourth quarter balance of payments and gross domestic product data, on Thursday and Friday respectively.

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