The New Zealand dollar slipped today as Finance Minister Bill English said that the strength of the currency is excessive, leading to concerns that policy makers may take steps to the weaken the currency.
The Minister said:
The exchange rate, in our view, is still too high. It remains a headwind for the export sector.
The kiwi also slid as traders preferred safer currencies due to concerns about a potential default in the United States.
NZD/USD declined from 0.8317 to 0.8278 and NZD/JPY went down from 80.85 to 80.18 as of 12:11 GMT today.
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