KEY POINTS:
The New Zealand dollar started the week more than a cent weaker against the US greenback.
At 8am today the NZD was worth US55.43 cents, down from 5pm Friday when it was worth US56.65c.
ANZ Economics and Market Research morning brief this morning said a weaker equity close on Saturday morning delivered a bout of NZD selling before the foreign exchange market closed.
That ensured the NZD finished below the key pivotal level of US55.44c.
It predicted that despite the formation of the new National government the dollar would continue to be governed by offshore influences.
G20 news of broader fiscal and monetary actions should fail to inspire large buying and the NZD would move lower after any feel good factor was burnt to a crisp early in the week by the world's financial fires.
ANZ predicted the dollar would trade in the US54.50c to US56.05c range.
This morning against the Australian dollar, the kiwi fell to A85.52 from A85.70c at 5pm Friday.
The NZD continued a recovery against the yen, up to 53.50 after dropping to near 52.40 last week, its lowest level against the Japanese currency in nearly seven years, apart from the period in late October.
The NZ dollar was buying 0.4403 euro this morning, down from 0.4430 o n Friday.
The trade weighted index was 56.75, down from 57.53 on Friday.
- NZPA
