13 Jul 2012

Gloomy economic data pushes down NZ dollar

1:40 pm on 13 July 2012

The New Zealand dollar fell to a two-week low on Friday, following the lead of the Australian dollar.

The currency fell to US78.2 cents on Friday.

A currency analyst says weak job figures from Australia contributed to the New Zealand dollar decline.

Imre Speizer of Westpac says the Australian data along with gloomy economic indicators in the US and China have affected sentiment and pushed down the value of the dollar.

Mr Speizer is expecting the New Zealand currency to fall considerably against the euro after hitting an all-time record high earlier this week.

The dollar recovered during Friday and by midday and was buying about US78.9 cents.

The Australian dollar fell from 102.4 US cents before the figures to 102 US cents after the release of data that showed the jobless rate edging up to 5.2% and the loss of 27,000 jobs in the economy.