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NZ Dollar Tumbles Against Majors As Commodity Prices Fall

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Fuseworks Media
Fuseworks Media

Wellington, March 20 NZPA - The New Zealand dollar tumbled against major currencies overnight as commodity prices, particularly gold, fell.

Over the course of a few hours early today the kiwi dropped from US81.50c to US80c against the greenback, from 0.5190 to 0.5110 euros, and from 81.20 to 79.20 yen.

It then recovered slightly so that by 8am the NZ dollar was at US80.18c, 0.5135 euros, and 79.74 yen.

In its morning brief, the ANZ bank said heavy commodity currency selling, with intensity picking up in the late US morning session, had ensured the kiwi backed off easily from yesterday's levels.

The US dollar had built on recent lows to post strong gains.

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

The kiwi did gain slightly against the Australian dollar overnight, moving from A87.29c at 5pm yesterday to A87.58c at today's local open.

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

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