![Euro plunges, Wall St drops overnight](/pf/resources/images/placeholders/placeholder_l.png?d=793)
Euro plunges, Wall St drops overnight
The euro has fallen to an 11-month low versus the US dollar and global equities are extending losses on Wall St.
The euro has fallen to an 11-month low versus the US dollar and global equities are extending losses on Wall St.
Equities on both sides of the Atlantic dropped overnight on disappointment the European Central Bank won't be boosting its bond purchases to help ease the euro zone's fiscal crisis.
Stocks were mixed overnight as investors weighed a round of warnings by credit rating agency Standard & Poor's in two days that would boost borrowing costs throughout the euro zone.
The Reserve Bank is not expected to increase interest rates for the rest of this year.
The kiwi dollar dipped below 78 US cents as markets digest the coordinated moves by the world's biggest central banks to cut borrowing costs.
F & P & Appliances shares have plunged after the whiteware maker slashed net profit to $980,000 in the six months to September 30.