NZ dollar drops as weak US earnings add to ‘risk off’ sentiment

Tue, 23 Oct 2012

By Jonathan Underhill Oct. 24 (BusinessDesk) – The New Zealand dollar fell as weak US earnings weighed on equities and added to a risk off tone in currency markets. The kiwi dollar fell to 81.15 US cents from 81.65 cents at 5pm in Wellington yesterday and the trade-weighted index fell to 72.6 from 72.82. Shares of DuPont, Xerox and 3M weakened as earnings disappointed. The Dow Jones Industrial Average fell 1.7 percent. In Europe, Spain's economy shrank for a fifth consecutive quarter while Moody's Investors Service cut the credit rating on f...

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