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NZ dollar falls to US70c then recovers, eases vs others

Fuseworks Media
Fuseworks Media

Wellington, March 23 NZPA - The New Zealand dollar slipped against several currencies overnight as it eases away from recent highs late last week.

Against the US dollar, the kiwi was buying US70.56c at 8am, similar to its levels at 5pm after recovering from a dip to near US70c early today.

The NZ dollar slipped to 0.5209 euro at the local open from 0.5220 at 5pm, and was down to 63.60 yen from 63.83 at the local close.

Against the Australian dollar the kiwi dropped to A76.92c at 8am from A77.20c at 5pm, while the trade weighted index dropped to 65.24 at the local open from 65.43.

BNZ senior strategist Danica Hampton said the first half of the night was all about risk aversion, with worries about Greece's ability to secure financial aid, and an escalation of political tensions between China and the United States.

With the news providing no comfort to those hoping for a rosier global outlook, investors ditched growth sensitive currencies in favour of the relative safety of the greenback, Ms Hampton said.

But the bout of risk aversion proved short-lived, with risk appetite soothed by comments from European Central Bank president Jean-Claude Trichet and Chinese Premier Wen Jiabao, and modest gains in US equities.

The global backdrop was a bit of a mixed bag and was not providing much in the way of direction for currency markets.

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