NZ dollar weakens as signs of improvement in US economy signals pull back in stimulus

Thu, 01 Aug 2013

By Tina Morrison Aug 2 (BusinessDesk) – The New Zealand dollar weakened as signs of improvement in the US economy point to the Federal Reserve reducing its monetary stimulus, bolstering the greenback. The kiwi slipped to 78.74 US cents at 8am in Wellington, from 79.65 at 5pm yesterday. The trade-weighted index fell to 75 from 75.54. The US dollar index, which measures the greenback against a basket of currencies, rose to its highest in more than a week after US reports showed manufacturing expanded in July at the fastest pace in more than t...

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