NZ dollar falls below 71 US cents as OPEC, upbeat US data spur greenback

Thu, 01 Dec 2016

By Jonathan Underhill Dec. 1 (BusinessDesk) - The New Zealand dollar fell below 71 US cents after the Organisation of the Petroleum Exporting Countries agreed to supply cuts, driving up the price of crude oil and adding to positive sentiment for the greenback. The kiwi dollar fell to 70.81 US cents as at 5pm in Wellington from 71.44 cents late yesterday. The trade-weighted index slipped to 78.04 from 78.48. Crude oil was recently at US$52.08 a barrel, having tumbled enough through 2014 and 2015 to have a deflationary effect. It sunk to...

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