NZ dollar falls as oil declines on bets oversupply could continue

Tue, 23 Feb 2016

By Tina Morrison Feb. 24 (BusinessDesk) - The New Zealand dollar fell after oil weakened on concern that an oversupply may continue, driving investors away from currencies linked to commodities. The kiwi dropped to 66.70 US cents at 8am in Wellington, from 66.98 cents at 5pm yesterday. The trade-weighted index declined to 72.49 from 72.71 yesterday. Investors shied away from growth assets such as equities and currencies of commodity producing countries after Saudi Arabia’s oil minister Ali al-Naimi said the country won’t cut output and...

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