NZ dollar opens weaker, stronger against euro

The New Zealand dollar opened weaker against the greenback this morning, but was stronger against the euro as Eurozone continued to struggle with fiscal problems.

By 8am today the New Zealand dollar was buying US70.75c, down from US71.37c at 5pm Friday with the US dollar index rising 1.3 per cent to a 12-month high.

Against the euro, the kiwi was 0.5726 euro from 0.5688 Friday.

Westpac market strategist Imre Speizer said the ongoing contingent risk after the Eurozone's $1.67 trillion-bailout last week continued to affect its currency.

Rumours that Fitch was mulling a downgrade of France, and that France had threatened to leave the economic and monetary union were denied, but also had an impact on the market and added to negative risk sentiment, Speizer said.

Against the Australian dollar, the kiwi went up to A79.85 at 8am, from A79.56c at 5pm Friday.

It was 65.25 yen from 66.30, and 48.68p against the British pound from 48.78 on Friday.

The trade weighted index fell to 68.06 from 68.20 Friday.

- NZPA