9 Sep 2008

NZ dollar down as greenback rises

8:39 am on 9 September 2008

The New Zealand dollar has fallen against the United States dollar.

At 6.10am on Tuesday, the kiwi was trading at US66.7 cents as the greenback appreciated against other currencies.

The New Zealand dollar spiked more than 2 cents on Monday to more than US68 cents after a takeover of the Freddie Mac and Fannie Mae mortgage companies by the US Treasury on Sunday.

Analysts say the move is being viewed positively for a weak financial and housing market in the United States, which bolstered the US dollar.

At 8.20am on Tuesday, the kiwi was trading at US67.23 cents, 82.25 Australian cents, 38.17 pence, 72.80 yen and 0.4749 euro. The Trade Weighted Index was at 64.17.