The New Zealand dollar closed on a low today after retail sales data pointed to a weakening domestic economy.
The kiwi closed at US62.47c compared with its US62.89c local open.
Statistics New Zealand figures showed retail sales declined 1 per cent in March, compared with February - far sharper than the 0.1 per cent fall expected by private sector economists.
While figures for the first quarter reported a stronger-than-forecast 1 per cent uptick, against expectations of a 0.8 per cent rise, the drop off in sales in March was enough to cloud the New Zealand dollar outlook, dealers said.
The kiwi was also down against other major currencies, including a slight drop against the Australian dollar at A81.10c, from A81.33c on Friday evening. The trade weighted index was 61.46 from 62.22.
In offshore moves, the US dollar closed in on an eight-month low against the yen on Monday on signs China is becoming more supportive of a rise in the yuan while the United States may be comfortable with a weaker dollar.
The following are Reuters currency rates:
5pm today 5pm Friday
NZ dlr US62.47c US63.18c
NZ dlr/Aust dlr A81.10c A81.33c
NZ dlr/euro 0.4835 0.4911
NZ dlr/yen 68.42 69.60
NZ dlr/stg 32.95 33.52
NZ TWI 61.46 62.22
Australian dollar US77.03c US77.68c
Euro/US dollar US1.2926 US1.2863
US dollar/yen 109.55 110.15
- NZPA
<EM>Currency:</EM> Kiwi closes on low as retail sales decline
AdvertisementAdvertise with NZME.