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New Zealand dollar dips as dollar gains on Asia currencies

Asia Pacific currencies were down against the dollar to varying degrees on Wednesday ahead of this week’s gathering of central bankers in Jackson Hole.

The New Zealand dollar was the worst performer in the region, off as much as 0.7 per cent at $0.7232 after the New Zealand Treasury lowered its growth estimate for the year to June to 3.5 per cent from 3.7 per cent.

The Australian dollar was down as well by as much as 0.4 per cent at $0.7883, down further after a Tuesday drop that pulled it back after gains brought it within sight of the $0.8 mark.

The yen was slightly firmer, up 0.1 per cent on the greenback at ¥103.65 per dollar. The dollar index tracking the US currency against a basket of peers was flat at 93.558.

The Hong Kong dollar was again flirting with a decade-low as it weakened against its US counterpart two weeks after the city’s de facto central bank moved to shore up the currency.