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NZ dollar vs US dollar -
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The New Zealand dollar weakened overnight, as economic growth and consumer confidence data suggested a United States recovery could be slower and less robust than previously thought.
The reports rekindled the safe-haven allure of both the greenback and yen, reducing investor appetite for riskier assets like stocks and commodities, including higher-yielding currencies such as the New Zealand and Australian dollars.
By 8am the kiwi was buying US72.39 cents, down from US72.80 cents at 5pm on Tuesday. The kiwi was also down to 64.10 yen from 64.70.
The New Zealand dollar reached its lowest level against the euro for about three weeks, dropping from 0.4871 euro at the local close to a low point around 0.4830, and by the local open was at 0.4838.
Against the Australian dollar the kiwi was at AU78.87 cents at 8am from AU79.07 cents at 5pm, while the trade weighted index fell to 64.55 from 64.92.
BNZ Capital strategist Mike Jones said the kiwi dollar had traded choppily over the past week or so as investors weighed up the likely shape of the global economy in 2010.
Choppy trading continued overnight as markets assessed the impact of a slew of economic data, with a more circumspect outlook for the global economy taking a toll on the kiwi dollar.
A lacklustre night for commodity prices also weighed.
