Kiwi finishes down over 4 cents against sterling

The New Zealand dollar lost considerable ground against the pound yesterday after demand for risk appetite fell.

• Weak data out of the US saw equities and commodity prices fall yesterday, which in turn saw demand for higher yielding currencies drop.
  
• The kiwi's fragile economy was also exposed overnight with the announcement that prices for its top export, milk, had fallen.
  
• The government’s fiscal accounts showed a deficit NZ$7.69 billion, for 10 months, although this reading was better that what was forecast in last week’s budget.