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NZ dollar extends slide on weak equities

Friday 16 Nov 2012 10:47a.m.

NZ dollar extends slide on weak equities

The New Zealand dollar weakened against the greenback as global equity markets extended their slide and data showed the euro zone economy continues to shrink.

The New Zealand dollar fell to 80.92 US cents from 81.22 cents at 5pm on Thursday. The trade-weighted index slipped to 72.75 from 72.88.

Stocks fell on Wall Street after retailer Wal-Mart gave guidance that disappointed investors. The Dow Jones Industrial Average was down 0.3 per cent and key benchmarks in Europe fell.

Data also showed that the euro zone's gross domestic product dropped 0.1 per cent last quarter and a Reuters poll of more than 70 economists predicted the bloc's new recession will extend until the end of the year with stagnation likely in 2013.

"Another gloomy night in US and European equity markets has dented sentiment towards high risk currencies like the New Zealand dollar," said Mike Jones, currency strategist at Bank of New Zealand.

The kiwi fell to 63.35 euro cents from 63.72 cents and fell to 51.05 British pence from 51.21 pence.

The local currency gained to 65.66 yen from 65.12 yen amid speculation Japanese elections next month will usher in the opposition LDP party, which may hasten efforts to weaken the Japanese currency.

The kiwi rose to 78.28 Australian cents from 78.14 cents on Thursday.

NZN

 
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