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Dollar pushed below 80 US cents

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Dollar pushed below 80 US cents

By: Sam Thompson | Business News | Friday May 4 2012 11:57

 

The market has reacted to the weak New Zealand labour data, pushing the New Zealand dollar below the 80 US cent mark.

The unemployment rate has risen to 6.7 percent during the first three months of this year.

Westpac market strategist Imre Spizer says the Kiwi was initially resilient in the face of that announcement.

"The Kiwi held up pretty well until our domestic session closed and then the offshore markets pushed it down so overnight it fell from around 80.60 down to 79.90."

At the beginning of the week the Kiwi was trading above 82 US cents.

Photo: NZ Herald

 

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