October 19, 2017 / 6:23 AM / 2 months ago

NZ dollar sinks as Labour forms ruling coalition

SYDNEY (Reuters) - The New Zealand dollar dropped more than 1 percent on Thursday to a near 4-1/2 month low after the left-leaning Labour Party won the support of a minor nationalist party to form a ruling coalition, following an inconclusive election last month.

Winston Peters, the leader of the small New Zealand First party which emerged as the kingmaker from the Sept. 23 vote, pledged to back the Labour party, ending weeks of political guessing games.

The news sent the New Zealand dollar sliding 1.3 percent to $0.7057.

It went as low as $0.7052 earlier this month, a level not seen since early June.

The currency has fallen 3.7 percent against the U.S. dollar since the vote.

Reporting by Swati Pandey; Editing by Kim Coghill

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