The New Zealand dollar continued to fall against the greenback after US markets felt the impact of moves to curb bank risk-taking and cast uncertainty over the US Federal Reserve.The kiwi lost more ground as aversion to risk took hold in the wake of
The New Zealand dollar continued to fall against the greenback after US markets felt the impact of moves to curb bank risk-taking and cast uncertainty over the US Federal Reserve.
The kiwi lost more ground as aversion to risk took hold in the wake of political moves to prevent the re-affirmation of Fed chairman Ben Bernankeand President Obama's wide-ranging plans for the banking sector took its toll on the US markets on Friday.
Around 8am today the kiwi was buying 70.95USc down from 71.30USc at 5pm on Friday.
The NZ dollar also dropped further against the euro to €0.5014 – a new low for the year from its position of €0.5046 at Friday's close.
Against the Australian dollar it was a similar story, down to 78.57Ac, from 78.86Ac.
Against the yen the kiwi was slightly up at ¥64.10 after the local close of ¥64.06 on Friday and it was up against the pound at 44.06p from 43.95p.
The trade weighted index fell from 65.04 at 5pm on Friday to 64.80 at 8am.
Westpac strategist Imre Speizer said the NZ dollar would continue to be affected by an aversion to risk and tipped a quiet session due to the Wellington Anniversary holiday.
He said the euro had been helped by stronger European industrial orders and a bond issue by Greece while the yen had benefited from the uncertainty in the markets.
