Kiwi follows Aussie dollar down

JAZIAL CROSSLEY
Last updated 18:20 12/03/2012

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The New Zealand dollar was down against the greenback today. The kiwi followed the Australian dollar into negative territory in the wake of weaker exports for major trading partner China. Its exports sank 23.6 per cent in February from January.

The kiwi recently traded at US81.81c, down from US81.91c.

HiFX director Mike Hollows said the New Zealand dollar had a quiet day.

"The primary news was the Chinese trade deficit which had a knock-on effect in terms of demand for its commodities. Broadly, those Chinese numbers were seen to be a bit misleading because of the proximity with the Chinese New Year but nonetheless we have seen the Aussie trade lower and the kiwi trade down with it," Hollows said.

"Moody's came out commenting there were still risks associated with the Greek bailout so because of that there were minorly negative effects on the euro and commodity currencies."

On the trade weighted index against major trading partners' currencies the kiwi was at 72.90, down from 73.20 in the morning.

On the crosses the kiwi was recently trading at 77.62 Australian cents, up from A77.50c in the morning. It was down to 67.30 Japanese yen from 67.64 yen in the morning. It was flat against the euro at 62.44 euro cents. It was at 52.18 pence, down from 52.26 pence in the morning.

The kiwi was expected to trade between US81.40c and US82.25c overnight. 

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- BusinessDay

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