NZ$, C$ sink on domestic woes

London

THE New Zealand dollar sank to an almost one-year low and its Canadian counterpart by roughly half a per cent on Thursday as domestic concerns outweighed a bounce in oil prices for the commodity-focused currencies.

The kiwi sank by as much as 1.5 per cent after the Reserve Bank of New Zealand shocked markets by sticking with a neutral bias on policy, warning investors that they were reading the outlook wrong and expressing approval of the currency's falls this year.