Is it heading the right way again? Dare we hope?
Kiwi on downward trend
New 5:40PM Wednesday October 31, 2007
The New Zealand dollar remained on a gentle downward trend.
It eased overnight to US76.58c from US76.88c yesterday but was stationary during the day in moribund trading. It has fallen from US77.40c at the start of the week.
Against the Australian dollar, the kiwi was again around seven-week lows, buying A83.02c at the close, after a small bounce through much of the local trading day yesterday.
A new survey showed business confidence rebounded this month to - 13 per cent from - 27 per cent last month but yesterday's poor September building permits data would weight on the kiwi, ANZ said.
Continued tests of support were under way for the kiwi against the Australian dollar and it looked to be a matter of time before an attempt below A83c took place, ANZ said.
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