The New Zealand dollar descended as the US dollar climbed after a key US data rose and Federal Reserve Chair Janet Yellen said interest rates were slated to increase this year.
The US Consumer Price Index added 0.1% in April. The core CPI gained 0.3% following it went up 0.2% in March.
The kiwi tumbled to 73.02 US cents from Friday’s 73.84 US cents, and 93.14 Australian cents from 93.22 Australian cents.
But the currency ascended to 66.34 euro cents from last week’s 66.27 euro cents, and 47.17 British pence from 47.12 British pence.
The greenback advanced on a sudden increase in US core inflation. Investors were keen to rebound on the firm “US dollar story, upon any evidence than the Fed remains on track for a September lift-off in rates,” said Raiko Shareef, Currency Strategist at Bank of New Zealand.
The material has been provided by InstaForex Company – www.instaforex.com