Currency speculators have turned on the New Zealand dollar in near record numbers.
The New Zealand dollar is being driven lower as speculators make near record bets that new US policies will hurt trading economies.
On Friday morning the kiwi briefly fell below US68.5c- the lowest level in 11-months and a drop of close to US2c in a week.
The fall is not only against the US dollar – with a sharp drop against the euro – the British pound and the Australian dollar in recent days.
On the trade weighted index (TWI) – a measurement of a basket of currencies in proportions which reflect New Zealand’s major trading partners – the NZ dollar is at the lowest level since July 2016.