The New Zealand dollar dipped below US69c today as the US dollar strode to 16-month highs versus the Japanese yen and two-month peaks against the euro.
At 5pm the kiwi was buying US68.96c compared with US69.27c at Friday's local close.
The final election result was announced on Saturday, confirming Labour is in the best position to form a government with 50 seats versus National's 48.
The impact of the official results on the New Zealand dollar is expected to be minimal, although with 61 seats needed to form majority government, some traders say a likely coalition including Green party will be more left-leaning than market desired, potentially weighing on kiwi.
Given the lack of local data this week, traders say the kiwi's short-term direction is likely to be dictated by moves in US dollar.
The following are Reuters currency rates:
5pm 5pm (Friday)
NZ dlr US68.96c US69.27c
NZ dlr/Aust dlr A90.79c A90.95c
NZ dlr/euro 0.5775 0.5751
NZ dlr/yen 78.69 78.32
NZ dlr/stg 39.27p 39.30p
NZ TWI 70.30 70.29
Australian dollar US75.97c US76.16c
Euro/US dollar US1.1947 US1.2047
US dollar/yen 114.09 113.08
- NZPA
<EM>Currency:</EM> Kiwi dips below US69c on strong greenback
AdvertisementAdvertise with NZME.