THE New Zealand dollar is heading for a 1.6 per cent drop against the greenback this week as world markets speculate about the Federal Reserve's intentions for its $US85 billion a month money-printing programme.
The kiwi fell to 82.09 US cents at 5pm in Wellington from 83.41 cents at the start of the week, and from 81.83 US cents at 8am and 82.55 cents on Thursday.
The trade-weighted index was at 77.15 from 77.33 on Thursday, and is heading for a 0.5 per cent weekly decline from 77.54.
Investors are second-guessing when the Fed will start dialling back its asset purchase programme amid conflicting messages from the US central banks this week.
Outgoing chairman Ben Bernanke urged caution in expecting an early tapering, saying the "highly accommodative policies" would be in place for as long as they were needed.
The following day, minutes to the last policy meeting showed the Federal Open Market Committee picking signs of growth in the economy that would warrant squirting less new money into the US economy.
"The market's primarily talking about tapering fears," said Alex Hill, head of dealing at HiFX in Auckland.
The kiwi climbed to 89.28 Australian cents at 5pm in Wellington from 88.64 cents on Thursday after Reserve Bank of Australia governor Glenn Stevens said the monetary authority was open-minded about intervention, provided it met its cost-effective measures, which hadn't been the case since the global financial crisis.
The kiwi gained to 83.14 yen from 82.85 yen on Thursday, and fell to 60.96 euro cents from 61.48 cents.
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