NZ dollar heads for 1.8 percent weekly fall vs. greenback as surprises clear out speculative positions

Fri, 10 May 2013

By Paul McBeth May 10 (BusinessDesk) - The New Zealand dollar is heading for a 1.8 percent weekly fall against the greenback after a handful of curveballs this week, including confirmation of a Reserve Bank intervention, prompted speculative investors to trim their long positions. The kiwi fell to 83.54 US cents at 5pm from 83.75 cents at 8am and 84.56 cents yesterday. The trade-weighted index slipped to 77.83 from 77.97 yesterday, and is heading for a 0.9 percent weekly decline. A BusinessDesk survey of six strategists on Monday predicted...

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