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by ForexNewsNow Team on December 30th, 2010

NZD/USD falls as govt insurer pays out $447m on quake claims

NEW YORK (Forex News Now) – The kiwi fell slightly against the dollar on Thursday, as the New Zealand government disaster insurance fund said it had paid out some NZ$581 million ($447 million) in damage claims from the September earthquake that hit Christchurch.

In early European currency market trading, NZD/USD hit 0.7680 at around 8:35 A.M., GMT, down 0.1% on the day, after earlier in the session hitting a five-week high of 0.7693.

The New Zealand government said earlier this month that reconstruction costs will contribute to a larger-than-forecast deficit and the need to borrow more in the short term.

According to NZD/USD analysis, the kiwi was likely to touch support around yesterday’s low of 0.7541, and to encounter resistance around 0.7787, the Nov. 18 high.

The dollar’s fall also came as FX traders awaited data on US jobless claims and US jobless claims, due to be released at 1:30 P.M. and 3:00 P.M., GMT, respectively.

Elsewhere, the kiwi also fell against the yen: NZD/JPY traded at 62.57, down 0.24% on the day.

By ForexNewsNow Team

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