The New Zealand dollar's recovery from the 22 month lows hit last week proved short-lived, with the kiwi falling US1c today.
Yesterday the kiwi looked to have hit consolidation mode, as it recovered from a slump last week which saw it slip under US60c, hitting US61.48c by the end of yesterday's local session.
But by 5pm today the kiwi had fallen US1c to US60.48c.
Kiwi selling was widespread, with the local unit dipping to A84.76c (from A85.99c at 5pm yesterday) and 71.15 yen (72.90 yen).
Fresh uridashi issuance worth $150 million failed to stem the tide. Uridashis are New Zealand-dollar denominated bonds issued to Japanese retail investors.
The US dollar fell against the euro after a report showed a surprise slowdown in US manufacturing sector growth last month, suggesting economic growth is moderating.
Meanwhile, the euro was broadly stronger ahead of a policy setting meeting of the European Central Bank later this week.
The Reserve Bank of Australia (RBA) held its monthly board meeting today and was expected to leave interest rates on hold at 5.50 per cent for the 13th consecutive month. The RBA will announce its decision tomorrow.
The following are Reuters currency rates:
5pm today 5pm Monday
NZ dlr US60.48c US61.48c
NZ dlr/Aust dlr A84.76c A85.99c
NZ dlr/euro 0.4977 0.5104
NZ dlr/yen 71.15 72.90
NZ dlr/stg 34.78p 35.53p
NZ TWI 62.47 63.74
Australian dollar US71.36c US71.43c
Euro/US dollar US1.2158 US1.2048
US dollar/yen 117.64 118.62
- NZPA
<EM>Currency:</EM> Kiwi falls US1c
AdvertisementAdvertise with NZME.