NZ dollar weakens on worries recent rally overdone

Tue, 14 Jun 2016

By Jonathan Underhill June 14 (BusinessDesk) - The New Zealand dollar retreated against the greenback and the pound on speculation the kiwi's rally in response to events in the United Kingdom and the United States has been overdone. The kiwi slipped to 70.29 US cents, from 70.44 US cents at the start of the day and from 70.34 cents late yesterday. It traded at 49.55 British pence, having earlier reached a 14-month high of 50.08 pence, from 49.57 pence yesterday. The local currency surged to as high as 71.46 US cents on June 9 after t...

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