Kiwi opens lower against US dollar and other currencies

The New Zealand dollar opened lower against the US dollar and other major currencies compared with yesterday.

After trading overnight in a range between US58.22c and US57.22, the kiwi was buying US57.67c at 8am compared with US58.17c at 5pm yesterday.

The NZ dollar fell to 0.4085 euros at 8am (from 0.4121 at 5pm), 52.06 yen (52.50) and 39.97 pence (40.07).

The kiwi also slipped against its aussie counterpart to A83.46c from A83.99c.

The trade weighted index eased to 56.08 from 56.54.

Reuters quoted forex market participants saying the conflict in Gaza and Israel was pushing investors toward the safe-haven Swiss franc, which neared a five-month peak against the US dollar.

Meanwhile, sterling continued its downtrend, hitting a 6-1/2-year low against the US dollar and approaching parity against the euro as investors braced for the Bank of England to cut interest rates further to support the struggling economy.

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