5 Sep 2014

NZ dollar continues slide against US

6:41 pm on 5 September 2014

The New Zealand dollar continued to slide against the US dollar today, falling to a low of 82.70 US cents, its lowest level since February this year.

Westpac currency strategist Imre Speizer said that while the New Zealand dollar rose against the Euro today the strengthening United States economy is going to keep the downward pressure on the kiwi.

At 5.40pm Friday the kiwi was mixed at 82.84 US cents, 88.66 Australian cents, 50.77 British pence, 87.23 yen, 5.1 renminbi, and 0.6405 euro, up three-quarters-of-a-point, from the same time yesterday.

Meanwhile, the New Zealand sharemarket ended on a high note, following new election polling data that indicated there won't be a change in government.

The benchmark Top 50 Index gained 25 points to 5254.

First NZ Capital broker Angus Marks said the power-company shares rose on the latest election news.

Meridian Energy rose 5-cents to $1.30, Mighty River rose 6 cents to $2.39 and Genesis rose 4 cents to $1.84.

And shares in AWF Group rose 17 cents to $2.65, after the company forecast its sales should reach almost $100 million in the six months ended September.

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