The New Zealand dollar lost more than a cent against the greenback in the last 24 hours on a sell-down by overseas investors and United States dollar gains.
At 5pm in Wellington the kiwi was buying US66.00c from US67.15c at the same time yesterday and US66.22c at 8.30am today. It traded between US66.25c and US65.75c today.
The Australian dollar came under pressure as well and was at US71.18c (US72.17c at 5pm yesterday).
"We've just seen offshore investors exiting long kiwi positions. It started off early our time this morning and then again this afternoon," a local dealer said.
"Kiwi's pushed down through some technical levels and now it's looking pretty heavy... It'll be interesting to see what happens tonight."
The kiwi had been eyeing a 14 year high against the aussie last night but had eased a little today and at 5pm was buying A92.70c (A93.03c at 5pm yesterday).
Last night had been a good one for the greenback which drew support from weakening oil prices. This afternoon the euro was buying US$1.2149 (US$1.2296), while the greenback was fetching 109.88 yen (109.22).
On the crosses the kiwi was buying 0.5432 euro (0.5461), 36.51 British pence (36.97), 72.53 yen (73.32), and 0.8367 Swiss francs (0.8408).
The monetary conditions index was at plus 754 (806), while the trade weighted index was at 67.09 (67.78).
On the money and debt markets, 90-day bank bill yields were at 6.48 per cent (6.49), February 2006 bonds were at 6.21 per cent (6.19), July 2009s were at 6.22 per cent (6.19), and April 2013s were at 6.25 per cent (6.22).
- NZPA
<i>Currency:</i> Kiwi takes cold shower as offshore investors sell
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