Currency: Dollar down against US

The New Zealand dollar was weaker today after worse-than-expected US retail sales data highlighted concerns about a global economic recovery.

By 5pm today the NZ dollar was buying US57.80c, down from US59.10c at the same time yesterday.

Equity markets were weaker around the world after retail sales in the US fell 1.1 per cent during March, tempering thoughts of a speedy recovery for the American economy.

Investors again shunned risk-sensitive currencies like the New Zealand and Australian dollars.

ANZ Bank chief foreign exchange dealer Murray Hindley said the NZ dollar followed trends in equity markets today. Risk aversion was back on again.

The NZ dollar traded most of the day between US58.40c and US57.60c and it had support around US57.20c.

It was down across the board, dropping to 0.4360 euro at the local close from 0.4427 yesterday, and to 56.85 yen from 59.04.

Against the Australian dollar the kiwi slipped to A80.50c at 5pm from A81.09c yesterday.

The trade weighted index fell to 57.36 from 58.45.

Currency: Currency rates:

5pm today 5pm yesterday

NZ dlr/US dlr US57.80c US59.10c

NZ dlr/Aust dlr A80.50c A81.09c

NZ dlr/euro 0.4360 0.4427

NZ dlr/yen 56.85 59.04

NZ dlr/stg 38.86p 39.68p

NZ TWI 57.36 58.45

Aust dlr/US dlr 71.75c 72.93c

Euro/US dlr 1.3253 1.3354

US dlr/yen 98.35 99.85

- NZPA