KEY POINTS:
The combination of troubled world markets and signs of slowing in the New Zealand economy has seen the New Zealand dollar head down again overnight.
From around US73.95c immediately before the release of weaker than expected retail sales figures yesterday morning, the kiwi immediately lost a third of a cent.
It then continued trending downwards through the rest of the day and overnight, to 11-week lows against the greenback.
At 8am today the kiwi was buying US72.77c and looking to be sliding further, having been at US77c just a week ago.
The ANZ bank today said relentless selling of the New Zealand dollar continued, as yesterday's retail sales data showed the domestic economy was struggling, alongside a negative global backdrop.
Continued liquidation of risk, shown by another fall in the US in the Dow Jones industrial average, continued to weigh on the NZ dollar, ANZ said.
The NZ dollar hit a low against its trans-Tasman counterpart around A86.90c about 3am today, 5c below where it was three weeks ago, having been buying A87.24c at 5pm yesterday.
From the overnight trough, the aussie picked up slightly to be at A87.21c by 8am today.
Against the Japanese currency, the kiwi was at a four-month low around 85.70 yen by 8am today, from 86.33 yen at 5pm yesterday.
The kiwi was also buying 0.5375 euro at 8am today, from 0.5378 at 5pm yesterday, and after having been around 0.5430 just before yesterday's retail sales data.
- NZPA