Kiwi dollar eases against stronger greenback

The New Zealand dollar slid against a number of currencies overnight, as the US dollar rebounded off an eight-month low against the Japanese yen.

At 8am today the kiwi was worth US71.55c, down from US71.91c at 5pm yesterday. It hit a high of US72.27c overnight before dropping back to around the US71.50 mark.

It also took a hit against the British pound. At 5pm yesterday it was worth 45.14p, rose to an overnight high of 45.44p but then dropped to 44.88p at 8am.

The kiwi also slid against the euro, down to 0.4911 from 0.4916, and against the Australian dollar, to A82.01c from A82.17c.

Against the yen the kiwi was down marginally to 64.52 from 64.69.

The trade weighted index dropped to 65.28 from 65.49.

In overseas exchanges, the US dollar rose from its eight-month low against the yen yesterday after Japan's finance minister said the government might take action if currency moves were irregular.

The dollar also advanced against the euro, hitting a two-week high.

In afternoon trading in New York, the US dollar rose 0.6 per cent to 90.16 yen, near a session high around 90.39. It went as low as 88.22 yen on Monday, according to Reuters data, but recovered most losses later in the session.

The euro fell 0.3 per cent to $1.4577 after dropping to a two-week low of $1.4524, as short-term players unwound some long euro positions.

- NZPA