NZ dollar heads for 6.7 percent quarterly slide vs. greenback after Fed hints at tapering

Fri, 28 Jun 2013

By Paul McBeth June 28 (BusinessDesk) - The New Zealand dollar is heading for a 6.7 percent quarterly slide as the Federal Reserve’s signal of an end to its massive monetary stimulus this year sent investors back to the greenback. The kiwi fell to 78.01 US cents at 5pm in Wellington from 83.68 cents three months ago, and 77.93 cents at 8am and 78.19 cents yesterday. The trade-weighted index is heading for a 4 percent quarterly decline to 73.78 at 5pm in Wellington, and is down from 73.75 yesterday. Big institutional investors will rebalanc...

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