The New Zealand dollar dropped to its lowest in more than a week against the Australian dollar on expectations the divergent paths of the two economies is already priced into their respective currencies. The kiwi touched a low of 91.62 Australian cents over the weekend and was trading at 91.89 cents at 8am in Wellington from 92.45 cents on Friday. …

The optimism triggered by the US Federal Reserve’s decision to begin tapering its bond-buying program next month as the world’s biggest economic recovery gathers speed appears likely to extend into this Christmas-holiday shortened week. In the previous five sessions, the Dow Jones Industrial Average jumped 3 percent, the Standard & Poor’s 500 Index rallied 2.4 percent and the Nasdaq Composite …

New Zealand shares weakened ahead of the Christmas holiday period in mixed trading as investors cash up for profits. The NZX 50 slipped 25.869 points, or 0.55 percent, to 4,681.191. Within the index, 31 stocks fell, 13 rose and six were unchanged. Turnover was $221.9 million. “Our market has been a little bit disappointing in recent weeks,” said Grant Williamson, …