NZ dollar tumbles on Euro woes
8:50 AM Friday May 21, 2010

The New Zealand dollar continued its downward slide against most major currencies overnight as worries over the euro spooked investors back to the safe haven currencies of the US dollar and Japanese yen.

There was a flight from currencies that benefit from increased risk appetite such as the Australian, Canadian, and New Zealand dollars, and the kiwi gave up minor gains it made in the wake of yesterday's budget.

At 8am today it was worth US66.81c, down from US68.28c at 5pm yesterday. It also slid to 0.5340 euro from 0.5529, dropped to 46.41 pence from 47.47p and against the yen fell to 59.90 from 62.60.

The trade weighted index dropped to 64.81 from 66.41 yesterday.

It was only against the Australian dollar that the kiwi made any ground. It rose to a new level above A81c, from around A80c it was trading at yesterday and at 8am it was worth A81.31.

More here.