NZ dollar weakens as traders deem US dollar decline was overdone

Sun, 20 Mar 2016

By Tina Morrison March 21 (BusinessDesk) - The New Zealand dollar weakened as traders deemed the US dollar had been oversold following the Federal Reserve's decision last week to pull back its plans to hike interest rates. The kiwi was trading at 67.96 US cents at 8am in Wellington, from 67.94 cents at the New York close and 68.36 cents at 5pm on Friday. The trade-weighted index declined to 72.08 from 72.29 on Friday. The US dollar DXY index, which measures the greenback against a basket of currencies, dropped sharply to a five-month l...

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