Kiwi dips
PA Wellington The New Zealand dollar closed lower on the Wellington foreign-exchange market yesterday,, against its start but above the day’s low after falling sharply in very thin trading. The currency finished at $U50.5220/27 from its $U50.5270/80 start and SUSO.SIBO/87 low. This compares with $U50.5228/35 at close on Monday. Dealers said month-end and year-end selling and some profit-taking pushed the currency lower in a market dominated by traders holding long positions. Stop-loss orders were triggered on the way down. In North America on Monday (early yesterday, N.Z. time), the U.S. dollar closed lower in subdued trading, weakened by its recent break of major support levels. It closed at 1.9765/75 Deutsche marks, down almost two pfennigs from 1.9935/45 DM at the end of last week.
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Press, 24 December 1986, Page 10
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126Kiwi dips Press, 24 December 1986, Page 10
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