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Thread: NZ dollar in sharp fall

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    Default NZ dollar in sharp fall

    NZ dollar in sharp fall
    10:00AM Tuesday Oct 27, 2009

    The New Zealand dollar fell rapidly against the greenback early today, dropping back to levels it was at a week ago before its climb to a 15-month high last Thursday around US76.35c.

    By 8am today the kiwi was buying US74.62c, having fallen around 1c in the previous five hours as the greenback strengthened on the back of falling stock and commodity prices.

    The NZ dollar eased to 0.5023 euro at 8am from 0.5031 at 5pm on Friday, and was down to 68.83 yen from 69.24.

    Against the Australian dollar, the kiwi edged up to A81.65c at today's local open from A81.42c on Friday evening. The trade weighted index slipped to 67.19 at 8am from 67.50 at 5pm on Friday.

    The US dollar rallied from a 14-month low against the euro as falling stock and commodity prices dampened risk appetite, prompting investors to lock in recent gains in other currencies.

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    Default keep dropping please

    Yes, at last the rate it going the right way looking at todays graphs..
    Need to buy more with my worthless sterling

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    Default Kiwi may fall further amid rising risk aversion

    Dollar outlook: Kiwi may fall further amid rising risk aversion
    Page 1 of 2 ....2:00PM Monday Nov 02, 2009

    The New Zealand dollar may fall this week as investors get jittery about the speed and strength of the global recovery and flock back to so-called safe-haven currencies such as the US dollar and yen.

    Four of seven economists and strategists in a BusinessWire survey predict the kiwi will decline this week as traders grow nervous about the sustainability of the US economic recovery, and eschew higher-yielding, or riskier, assets.

    Two forecast the currency will consolidate in its current range, and the last anticipates the kiwi will edge higher after it slumped 4.8 per cent against the greenback last week.

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    Steep fall for NZ dollar
    9:15AM Monday Nov 02, 2009

    The New Zealand dollar fell steeply against the greenback and the yen as economic uncertainty boosted safe-haven demand for the United States and Japanese currencies.

    Around 8am today the kiwi was buying US71.75c, down from US73.24c at 5pm on Friday. The NZ dollar was also down to 64.48 yen from 66.87.

    BNZ Capital strategist Mike Jones said the NZ dollar found few friends on Friday night.

    Generally lacklustre US personal spending and consumer confidence data highlighted the fragility of the US economic recovery, he said.

    At the same time, renewed fears about the US financial sector further weighed on equity markets.

    The backdrop of falling equities and rising risk aversion saw investors shun growth-sensitive currencies such as the kiwi, in favour of the relative safety of the US dollar and yen, Mr Jones said.

    The NZ dollar was the worst performing currency last week, having started the week above US75.50c, then declining 4.8 per cent against the greenback.

    The NZ dollar was also down to 0.4871 euro at 8am today from 0.4932 at 5pm on Friday, and eased to A79.73c against the Australian dollar from A79.89c. The trade weighted index fell to 64.66 at 8am from 65.75 on Friday evening.

    - NZPA

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    Default Volatility continues for NZ dollar

    Volatility continues for NZ dollar
    November 03 - Open
    Last updated 09:04 03/11/2009

    The New Zealand dollar had a bumpy ride overnight, starting the day at US71.45c.

    From US75.50c early last week, the kiwi dropped to around US70.85c shortly before noon yesterday, then by 4.30am today was up around US72.65c before plunging to be at US71.45c by 8am.

    The US dollar and yen declined broadly as data showing more evidence of a worldwide economic recovery and rising stock prices, at least for a time, eroded safe-haven demand for the US and Japanese currencies.

    Data in the United States showed sharp improvements in manufacturing, construction and housing, encouraging investors to buy riskier assets with higher yields.

    Earlier, surveys showed China's manufacturing sector grew at its fastest pace in 18 months in October and euro zone factory activity expanded, also boosting market sentiment.

    BNZ Capital strategist Mike Jones said that after taking a bath during the past week, investors' risk appetite received some welcome respite from last night's batch of positive economic data.

    Both macro and leveraged accounts had shown continued appetite to unwind NZ dollar positions yesterday and overnight, which had seen the kiwi struggle above US72c.

    At the same time, speculative interest to sell the kiwi against the Australian dollar had weighed on the NZ dollar, Mr Jones said.

    For today all the focus would be on the Reserve Bank of Australia rate decision at 4.30pm.

    At 8am today the kiwi was at A79.46c against the Australian dollar, down from A79.84c at 5pm yesterday.

    The NZ dollar was also down to 0.4847 euro from 0.4890, and down to 64.52 yen from 65.05. The trade weighted index was 64.46 at 8am from 65.07 at 5pm.

    NZPA

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    Dollar pushes back over US74c mark
    5:47 PM Tuesday Nov 10, 2009

    The New Zealand dollar continued to push higher after Fonterra lifted its forecast payout to dairy farmers by 19 per cent and after US stocks rallied on Monday.

    The NZ dollar rose to US74.62c around lunchtime, its highest level since October 28, before settling at US74.06c at 5pm from US73.58c at the same time yesterday.

    BNZ Capital strategist Mike Jones said the move was a continuation of trading overnight. A fall in the United States dollar to a 15-month low and a late rally in US stocks helped sentiment for the NZ dollar.

    The NZ dollar was A79.73c at 5pm, unchanged from the level at 8am, and up from A79.50c yesterday.

    Mr Jones thought the NZ dollar would continue to rise.

    "The conditions for a bit more US dollar weakness are still in place. There's been quite a strong recovery in risk appetite," he said.

    The Group of 20 meeting last weekend failed to signal displeasure with the US dollar.

    "That's been taken as a bit of a green light to keep selling US dollars," he said.

    The NZ dollar also lifted to 66.58 yen by 5pm from 66.37 at the same time yesterday, but was little moved at 0.4943 euro from 0.4933 yesterday.

    The trade weighted index lifted to 65.95 from 65.72.

    - NZPA

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