NZ dollar heads of 1.2 percent weekly drop as traders reduce high-risk bets

Fri, 29 Nov 2013

By Paul McBeth Nov. 29 (BusinessDesk) - The New Zealand dollar is heading for a 1.2 percent fall this week as investors pare back their bets on high-risk assets, after chasing yield since September when it looked like the US Federal Reserve was reluctant to wind down its massive stimulus programme. The kiwi traded at 80.98 US cents at 5pm in Wellington from 81.93 cents at the start of the week and 81.29 cents at 8am and 81.65 cents yesterday. The trade-weighted index fell to 76.18 from 76.73 yesterday, and is heading for a 1 percent weekly...

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