NZD down on weak worldwide signals

JAZIAL CROSSLEY
Last updated 18:25 24/09/2012

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The New Zealand dollar fell against the greenback today, following negative global sentiment as markets saw drops in commodities and equities worldwide.

The kiwi recently traded at US82.33c, down from US82.60c earlier.

On the Traded Weighted Index against major trading partners' currencies it was at 73.00, down from 73.48.

Westpac market strategist Imre Speizer said the kiwi had slid down after reaching a high on the day of US83.08c just after 9am.

''At almost a cent, the kiwi has had quite a fall. Usually not that much happens in our domestic session so it was really based on global sentiment with the euro, gold and various equities down.

The Chinese market opened notably weaker,'' Speizer said.

He said there was not a lot driving the kiwi at the moment as we've got the big central bank quantitative easing out of the way. '

'Over the medium term, QE3 and the ECB's version will probably help economies a little bit but right now markets have priced it in and need we fresh direction to keep going higher or the kiwi will basically consolidate.''

On the crosses, the kiwi recently traded at 78.99 Australian cents, down from A79.02c earlier.

It was at 63.60 euro cents, down from 63.67 euro cents. It fell to 50.77 pence from 50.94 pence in the morning.

It was at 64.29 Japanese yen, down from 64.66 yen earlier.Speizer expected the kiwi to trade between US82.00c and US83.50c overnight. 

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- BusinessDay.co.nz

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