The New Zealand dollar weakened again yesterday and remains ripe for further big drops as people continue to buy the greenback more eagerly than other currencies.
The kiwi finished at 43.31USc (43.63c on Monday). The kiwi remained at the mercy of the US dollar and what the euro did in reaction. "It's going to be harder and harder for the kiwi to rally," one dealer said. "What's going to make it go up is merger and acquisitions activity." The only other hope was a change in US dollar sentiment.
HSBC's investment strategy unit said liquidity was again an issue, compounded by a bank holiday in Britain. "Dollar block countries seem to be ignoring rising commodity prices," HSBC added.
- NZPA
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