NZ dollar hits seven-week low
9:41 AM Thursday Aug 26, 2010

The New Zealand dollar tumbled to a seven-week low against the greenback, even as the United States currency remained under broad pressure.

ANZ bank said the kiwi had tracked equity performance overnight.

European equity markets started out positively, helped by better than expected data from the Munich-based Ifo think tank, showing German business morale rose to its highest level in more than three years in August.

"This was soon reversed once the US opened, with durable goods and new home sales data continuing to disappoint and this saw the NZD break below key (US70c) support," ANZ said.

The break of the US70c level would be closely watched today to see if it could hold. US stocks had ended their session back in positive territory, and exporter interest would bring some support this morning.

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