The New Zealand dollar fell to the lowest in two weeks versus the dollar and yen after the nation’s unemployment rate rose by the most since 1999.
The currency reached almost a two-month low against the Australian dollar after that nation’s economy added more jobs than forecast. Gains in the Aussie were limited as global stocks declined.
New Zealand’s dollar fell as much as 0.5 percent to 81.45 U.S. cents, the weakest since Oct. 24, before trading at 81.49 in New York yesterday. It declined 1.1 percent to 64.79 yen after touching 64.65, the lowest since Oct. 23. It dropped 0.4 percent to NZ$1.2767 per Aussie after
Australia’s dollar was little changed at $1.0405 and weakened 0.7 percent to 82.69 yen.
The Standard & Poor’s 500 Index declined 1.2 percent and the MSCI World Index of stocks fell 1 percent.
Statistics New Zealand said yesterday the nation’s jobless rate increased to 7.3 percent in the three months ended September, from 6.8 percent in the second quarter.
In Australia, the number of people employed rose by 10,700 after a 15,500 gain in September, the statistics bureau said, compared with the median estimate for an increase of 500 in a Bloomberg News survey. The jobless rate was unchanged at 5.4 percent.
The Aussie has declined 2.8 percent in the past three months, the worst performance among the 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The kiwi fell 1.2 percent.