MARKET OPEN: Kiwi slumps as traders lose their nerve

Tue, 22 Sep 2020

The New Zealand dollar dropped more than 1 US cent as traders dumped risk-sensitive assets amid renewed fears about the economic impact of the covid-19 pandemic.The kiwi dropped to 66.66 US cents at 8am in Wellington from 67.71 cents at 5pm yesterday, joining an extended selloff on Wall Street as investors shifted to the relative safety of government bonds and haven currencies, such as the greenback and yen.“The NZ dollar has been the worst performer, down 1.4 percent to 66.60 US cents, retracing some of last week’s undeserving outp...

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