The New Zealand dollar continued its recent slide today closing at its lowest level since early May.
By 5pm the kiwi was buying US56.54c down from US57.53c late yesterday after trading in a US56.35c to US56.90c range.
"Basically (it's) a continuation of the sell off that we've seen over the last few days", a local dealer said.
"It still probably looks a little bit heavy and I tend to think it will be an interesting to see whether the aussie and the kiwi get hit again tonight."
The Australian dollar, also on the slide, was at US63.65c from US64.33c last night.
The dealer said news today that Australia had posted its largest recorded current account deficit seemed to have had little effect on the kiwi , "but it hasn't helped. I guess it's just another negative".
He expected the kiwi to trade in a US56.20c to US56.80c range tonight.
Meanwhile in Wellington at 5pm the euro was at US$1.0854 from US$1.0837 late yesterday, while the US dollar was at 117.49 yen (117.60).
On the crosses at 5pm the kiwi was buying A88.84c (A89.43c yesterday), 66.42 yen (67.65), 36.03 pence (36.70), 0.8026 Swiss francs (0.8143), and 0.5210 euro (0.5307).
The Australian dollar was at $1.1257 ($1.1183).
The monetary conditions index was at plus 178 (257), the trade-weighted index was at 61.41 (62.39) and 90-day bank bill yields were at 5.15 per cent (5.15).
The February 2005 yields were at 5.33 per cent (5.30), the November 2006s were at 5.58 per cent (5.53), and the November 2011s were at 5.96 per cent (5.93).
- NZPA
<i>Currency:</i> Kiwi and Aussie on the slide
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