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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: NZ dollar gives up gains as risk aversion returns Reuters - 2 hours 22 minutes ago WELLINGTON, Nov 14 - The New Zealand dollar <NZD=> gave back most of its gains on Friday as share markets failed to mimic Wall Street's strong performance, making investors cautious about risk. The kiwi, which had touched a two-week low of $0.5510 in the offshore session, bounced more than a cent as Wall Street closed over 6 percent higher on investor bargain hunting. But the currency ran out of steam as regional stock markets pulled back from early highs when optimism following the Wall Street surge gave way to the reality of the global slowdown and investors opted for less risk. "Stocks up, kiwi up; stocks down, kiwi down -- it's pretty much that simple at the moment," said a trader at a local investment bank. At 0445 GMT the kiwi was at $0.5633/43 compared with $0.5611/21 in late local trade on Thursday. Early in the session it had hit a high of $0.5755. The currency was continuing to be driven by fears about global recession and risk aversion, which have seen high yielders such as the kiwi advance and retreat in line with the appetite for risk and fears of global recession. Investors were also positioning themselves ahead of the summit of the Group of 20 developed and developing nations being held in Washington. Local expectations grew of further large rate cuts by the Reserve Bank of New Zealand, with several analysts now forecasting a 1 percentage point cut from their previous 50 basis point pick. "The rapidly deteriorating global outlook and ongoing funding challenges highlights the need for a larger cut from the RBNZ than we had previously expected," said ASB Bank economist Jane Turner. The Bank of NZ, RBC Capital Markets, and Westpac similarly moved to calls of a 100 basis point cut. Next week's local calendar has mainly second tier data including food prices, migration and producer prices. New Zealand debt softened as stocks firmed. The yield on the benchmark 10-year bond <NZ10YT=RR>, which moves inversely to its price, closed three basis points higher at 5.92 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 China bond funds post strong October gains-LipperReuters - 1 hour 15 minutes ago Rio postpones briefings to study market turmoilReuters - 1 hour 17 minutes ago Oaktree finding value in loans used for buyoutsReuters - 1 hour 29 minutes ago Philippine stock index climbs 3 percentAP - 1 hour 31 minutes ago S.Korea won at 2-wk closing low, off 5 pct on weekReuters - 1 hour 32 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Britney Spears's son hospitalized: statement Earth would be heading to a freeze without CO2 emissions China mulls crackdown on lip-synching Your favorite music = happy heart: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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