NZ dollar drops as oil price slide weighs on commodity currencies

Mon, 25 Jan 2016

By Tina Morrison Jan. 26 (BusinessDesk) - The New Zealand dollar fell as oil prices declined amid concerns about a global supply glut and weak economic growth, prompting investors to favour less risky assets. The kiwi slid to 64.80 US cents at 8am in Wellington, from 65.15 cents at 5pm yesterday. The trade-weighted index declined to 71.45 from 71.76 yesterday. Commodity-linked currencies such as the kiwi, Aussie and Canadian dollars fell after further declines in oil prices weighed on investor sentiment. Oil dropped as Iraq officials s...

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