NZ dollar drops to nine-month low as investors move to Treasuries on growth concerns

Wed, 05 Jun 2013

By Tina Morrison June 6 (BusinessDesk) – The New Zealand dollar fell to a nine-month low as investors concerned about global growth moved to the relative safety of US Treasuries. The kiwi dropped to as low as 79.25 US cents early this morning and recently traded at 79.48 cents, down from 80.46 cents at 5pm yesterday. The trade-weighted index slid to 74.64 from 75.45. Investors sold equities and bought US Treasuries after some US reports raised concerns about the pace of the recovery in the world’s largest economy. A report from the ADP Resea...

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