The New Zealand dollar slipped below 71 U.S. cents to a four week low on Monday morning, after U. S. markets felt the impact of moves by the President Barack Obama to curb bank risk-taking which would in turn hit banks' profits.
Around 8:00 a.m. Monday the New Zealand dollar was buying 70.95 U.S. cents, down from 71.30 U.S. cents at 5:00 p.m. on Friday.
The NZ dollar also dropped further against the euro to 0.5014 - a new low for the year from its position of 0.5046 at Friday's close. Against the Australian dollar it was a similar story, down to 78.57 cents, from 78.86 cents.
At 12:30 p.m., the New Zealand dollar was trading at around 71. 38 US cents.
Westpac Bank strategist Imre Speizer said the NZ dollar would continue to be affected by an aversion to risk and to fall further in the short-term, according to Radio New Zealand.
He said the euro had been helped by stronger European industrial orders and a bond issue by Greece while the yen had benefitted from the uncertainty. (PNA/Xinhua)
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