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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: NZ dollar weakens as risk aversion dominates Reuters - Thursday, November 6 WELLINGTON, Nov 6 - The New Zealand dollar <NZD=> slipped lower on Thursday, as risk aversion overcame data showing the labour market had not deteriorated as much as expected. Asian equity markets followed Wall Street lower, as weak data stoked recession fears, causing investors to sell the high-yielding kiwi. Data showed the New Zealand labour market was stronger than expected in the third quarter, squirting the kiwi higher. But the local currency quickly fell back as the market realised it would not change the central bank's interest-rate easing cycle. "The recessionary economy, coupled with a worsening in the global growth backdrop, should be enough to encourage another bold cut at its December monetary policy statement," said RBC senior economist Su-Lin Ong. At 0400 GMT the kiwi was at $0.5931/41 compared with $0.6040/51 in late local trade on Wednesday. New Zealand's unemployment rate jumped to a five-year high, but was still below market forecasts, while the total number of jobs grew in the three months to September. See [nWEL426895] There is still a host of global data to be released before the end of the week, including interest rate reviews from the Bank of England and the European Central Bank later on Thursday, with both expected to cut rates to stimulate their economies. Those expectations have sent both the euro and the sterling lower, while the yen rose on safe-haven buying. New Zealand holds a general election on Saturday, with polls showing the Labour-led government facing an uphill battle to secure a fourth three-year term. See <NZPOLL> New Zealand bonds firmed slightly, tracking earlier gains by U.S. Treasuries as investors shifted funds to government debt. The yield on the benchmark 10-year bond <NZ10YT=RR>, which moves inversely to prices, closed 2 basis points lower at 5.99 percent. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business FACTBOX-China's recent measures to spur growthReuters - 2 hours 19 minutes ago Review: Digital frame shows pictures from phonesAP - 2 hours 24 minutes ago Australia shares fall 4.3 pct, but Foster's gainsReuters - 1 hour 56 minutes ago Japan Topix down more than 6 percent, exporters fallReuters - 2 hours 31 minutes ago HK shares drop 6.4 pct; commodities tumbleReuters - 2 hours 31 minutes ago Most Popular – Business Viewed Obama wins US election, to become first black president US elects Obama as its first black president Stocks, dollar rise as Obama takes White House Obama's grandmother, family 'rock', dies on election eve World hails Obama's victory, urges change of tack View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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