NZ dollar drops as sliding equity markets sap demand for risk-sensitive assets

Fri, 11 Apr 2014

By Paul McBeth April 11 (BusinessDesk) - The New Zealand dollar fell as weak equity markets around the world sapped demand for risk-sensitive assets, though the prospect of higher interest rates will likely give the local currency support. The kiwi dropped to 86.39 US cents at 5pm in Wellington from 86.84 cents at 8am and 87.17 cents yesterday. The trade-weighted index sank to 80.02 from 80.83 yesterday. Stock markets across Asia followed Wall Street lower as investors dumped their stakes in biotech and internet industries amid growing con...

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