| Business News | Friday May 18 2012 12:10
The New Zealand dollar is bucking the trend today bouncing up 0.17 percent against the US to 76.43 cents.
But Westpac market strategist Imre Spizer says it could be put down to selling fatigue with consistent heavy selling of the Kiwi.
He says the market is a bit tired and it's nothing more than a technical adjustment we are witnessing at the moment.
"It could take it a little bit higher, just somewhere in the 78 to 80 cent area, and then a resumption of the down trend after that so over the next few weeks, we still see the Kiwi going lower and certainly below 76."
Meanwhile Spain now in recession and no solution in sight to the crisis in Greece has seen investors shying away from the New Zealand stock markets.
Head of equities at BT Funds management Paul Harrison says low volumes are being trade and the biggest mover down today has been Goodman Fielder following down Steel and Tube and Freightways.
"Bit shell-shocked really, I'm not sure if investors really know where to turn.I think that people are pretty much standing on the sidelines.
"There will be the odd brave soul that looks for some bargains in this market."
Photo: NZ Herald