Tuesday, June 17, 2008

Kiwi dollar's fall expected to continue

There was bad news today for all those, like myself, who buy internet services with US dollars.

Currency watchers said they expected the New Zealand dollar to maintain the downward momentum that has taken it US7c off late February's peak of US82.15c.

One such watcher, the Bank of New Zealand, said it expected the kiwi to trade down to US72c by September 30 and to US69c by December 31.

(By 5pm today, the kiwi was buying US75.61c, compared with US75.06c at 5pm yesterday.)

A level of US69c sounds incredibly low these days. Yet there was a time, in the early 1990s, when I was happy to get any rate above US60c.

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