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NZ Dollar Falls Against Strengthening Greenback

Fuseworks Media
Fuseworks Media

Wellington, June 8 NZPA - The New Zealand dollar fell against a strengthening greenback which posted its largest one-day gain against a basket of currencies in more than five months.

The rise in the United States currency came after data showed the US shed fewer jobs than expected in May, boosting hopes for an economic recovery.

By 8am today the NZ dollar was buying US62.63c, near its lowest level in about 10 days, apart from a brief spike lower overnight Thursday. The kiwi has fallen back quickly after peaking near an eight-month high around US65.95c early last Wednesday.

The NZ dollar was slightly down against its Australian counterpart, slipping to A78.74c at 8am from A78.93c at 5pm on Friday.

The kiwi edged up to 0.4484 euro and rose to 61.84 yen at the local open from 61.42 on Friday evening. The trade weighted index was 59.71 at 8am from 59.93 at 5pm on Friday.

BNZ Capital currency strategist Danica Hampton said she expected the NZ dollar to remain under pressure against the greenback this week.

She suspected the US dollar recovery had further to run in the near term, while the Reserve Bank of New Zealand's monetary policy statement on Thursday was "unlikely to be currency supportive".

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