Currency Alerts
11/22/2009 7:20 PM ET
(RTTNews) -
The New Zealand dollar showed weakness against its major rivals in early Asian trading on Monday as risk averse investors sold off high-yielding currencies.
The kiwi, however, started ticking higher following the latest government report revealed that visitor arrivals in October improved considerably as Tourism is one of New Zealand's biggest exports, contributing around 10 percent of its GDP.
Visitor arrivals in October 2009 were up 13,400 or 8 percent to 187,400 compared with October 2008, Statistics New Zealand said today. Visitor arrivals in the October 2009 year were down 24,400 or 1 percent to 2.439 million from the October 2008 year.
The kiwi slumped to a 20-day low of 64.01 against the Japanese yen before edging higher around 5:45 pm ET Sunday. The kiwi-yen pair is presently worth near Friday's close of 64.5.
The NZ dollar that tumbled to a 17-day low of 0.7204 against the greenback, 2.0627 versus the euro and 1.2673 versus the Australian dollar around 5:45 pm ET reversed its course thereafter.
The New Zealand currency is currently trading at 0.7273 against the buck, 2.0504 versus the euro and 1.263 against the aussie, compared to last week's closing values of 0.7251, 2.0519 and 1.2634.
by RTT Staff Writer
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