US turmoil set to hasten NZ dollar's fall
Page 1 of 2 5:00AM Tuesday September 11, 2007
By Adam Bennett
The New Zealand dollar's recent slide is set to continue this week as concerns mount that US economic problems could weigh on global growth.
But the local sharemarket yesterday demonstrated resilience in the face of significant losses on overseas markets.
Over the last week the kiwi has lost nearly 2 per cent against the greenback. But the losses have been steeper against other currencies - about 2.8 per cent against the currencies of our top five trading partners as measured by the trade weighted index and more than 3.5 per cent against the rapidly appreciating Japanese yen.
Having closed at US69.16c on Friday, the local unit opened at US68.91c yesterday and ended the session on US68.81c, having fallen as low as US68.22c during the session.
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