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NZ dollar retreats in afternoon trading along with others

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 17 NZPA - The New Zealand dollar fell in afternoon trading when the Australian dollar, euro and sterling weakened and US dollar rose, a dealer said.

It had strengthened on Wednesday night when it touched US70c.

The NZ dollar was US69.57c at 5pm from US69.79c at 8am and US69.49c at 5pm yesterday.

"We've seen the aussie dollar come down to below US86c and the euro come down to below 1.23 US dollars and that's been reflected back in the kiwi," one dealer said.

Equity markets were mildly weak in Asia today but the NZ dollar has basically been trading in a range below US70c for several days.

BNZ strategist Mike Jones said global equity markets and investor sentiment remained the main driver of the NZ dollar.

The euro retreated against the greenback after a Spanish newspaper reported that the European Union, International Monetary Fund and US Treasury were drawing up an emergency credit line for Spain.

The European Commission rejected the report, but the premium investors demand to hold 10-year Spanish bonds over German bunds hit the highest level in the euro's 11-year history.

Data showing US housing starts plunged in May to their lowest level in five months also weighed on the euro, though stronger-than-expected industrial production data kept losses in check.

The NZ dollar was 0.5671 euro at 5pm from 0.5638 at the same time yesterday, and was at 63.48 yen from 63.56 yen.

Against the Australian dollar, the NZ dollar was buying A81.00c at 5pm, having climbed from a fortnight low around A80.20c at 6pm yesterday. The trade weighted index rose to 67.35 from 67.10 at 5pm.

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