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NZ dollar falls as investors avoid risk

Thursday 20 Dec 2012 9:20 a.m.

The New Zealand dollar fell as global risk sentiment abated and ahead of figures expected to show the economy slowed in the third quarter.

The kiwi dollar fell to 83.62 US cents from 83.91 cents at 5pm in Wellington on Wednesday.

The trade-weighted index fell to 74.56 from 74.75.

Shares weakened on Wall Street after US housing starts fell more than expected and fiscal cliff talks appeared to stumble.

"There is room for some more correction of the NZD/USD if the GDP figure is weaker than expectations, however in the bigger scheme of things we continue to see global sentiment as the main driver for the NZD," Bancorp Treasury Services said in its morning note.

"In the lead-up to Xmas the fiscal cliff will be the calendar headline."

The euro rose after Ifo institute's German business climate index rose to 102.4 this month, topping the 102 expectation in a Bloomberg survey.

The kiwi dollar fell to 63.10 euro cents from 63.31 cents on Wednesday.

The New Zealand dollar declined to 79.67 Australian cents from 79.73 cents and eased to 70.57 yen from 70.69 yen.

NZN

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