New Zealand Dollar Falls On US Economy Data

12 March 2012 13:00 - Crage Campbell

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New Zealand Dollar Falls On US Economy Data

The New Zealand dollar extended losses through local trading as strong US data on Friday dimmed expectations the Federal Reserve will embark on another round of printing money. This better than forecasted US data boosted investor confidence that the world’s strategist economy is on track to recover amid signs of growth in the labour market, reducing demand for risk sensitive assets such as the kiwi dollar.

This damped the likelihood of the Fed printing money for a third time, a move that would further devalue the greenback and push the kiwi higher. Stu Ive, currency strategist at HiFX said, “It would be unlikely the US would go to further quantitative easing and that is really why the New Zealand dollar headed lower.”

The New Zealand dollar may extend its slide this week after Fonterra Cooperative Group cut its forecast payout for the 2011/2012 season. They cited the rising New Zealand dollar, declining global prices of commodities and increased production from rivals.

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Related Links:
• Statistics New Zealand
For latest releases
• Federal Reserve
Central Bank of US
• HiFX
Currencies services
• Economic Calendar
For scheduled economic events
• Latest News
For regular economic news

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