The kiwi fell to US69.67c as at 5pm yesterday. Photo / File
The kiwi fell to US69.67c as at 5pm yesterday. Photo / File
The New Zealand dollar extended its decline after sinking below US70c last week for the first time in five years, with traders awaiting economic data for clues to the track of interest rates.
The kiwi fell to US69.67c as at 5pm yesterday from US69.93c at 8am and US69.81c on Fridayin New York. The trade-weighted index declined to 72.86 from 73.10 last week.
The Reserve Bank's decision to cut the official cash rate a quarter-point to 3.25 per cent last week has investors questioning how much lower governor Graeme Wheeler will take the key rate.
This week brings the next dairy auction and first-quarter balance of payments tomorrow and gross domestic product on Thursday.
Meanwhile, the US Federal Reserve will review policy in Washington, and is expected to firm up its own rate outlook, providing support for the greenback.
"We're still optimistic about the US dollar, which is a big side of the equation, and the kiwi/US looks like it's going to be heading lower," said Sam Tuck, senior FX strategist at ANZ Bank New Zealand. A survey of 12 currency advisers predicts the kiwi may trade between US68c and US71.80c this week.
