NZ Dollar Decline

09 August 2011 - Which Way to Pay

Email Article Print Article
    


NZ Dollar Decline

As Wall Street sinks, the New Zealand dollar extends its decline against the greenback subsequent to the US downgrade causing a slump in global equity and commodity markets. Investors are now looking to limit their risk exposure causing western equity markets to fall sharply in a continuation of the selloff that commenced in Asia yesterday.

Standard & Poor further dented the US credit rating one further notch to AA with regard to government clearing houses and mortgage agencies. On Wall Street, S&Pís 500 Index decreased a mighty 6.6% to an 11-month low of 1,119.68. The outlook was echoed globally with Europeís Stoxx 600 Index tumbling 4.1% to 228.98 and the 19-commodity Thompson Reuters Jefferies CRB Index dropping 2.8% to 317.74.

On the financial instability, Khoon Goh, head of market economics and strategy at ANZ New Zealand said the following; "The world is still trying to figure out what market looks like with the US on a double-A rating... Equity markets' reaction to the downgrade is weighing on kiwi and Aussie as well, and commodity prices are also being watched because they are also getting hit hard,"

The kiwi recently traded at 82.71 US cents, a decrease from 82.97 cents yesterday. On the trade-weighted index of major trading partners' currencies the NZ dollar rose to 71.68 from 71.60. It increased to 80.48 Australian cents from 79.93 cents yesterday, and fell to 63.89 yen from 64.60 yen. It declined to 58.09 euro cents from 59.79 cents yesterday, and dropped to 50.46 pence from 50.51 previously.

As financial markets continue to be unstable, a demand for safe haven assets has surged overnight with gold reaching a fresh high of US $1,712.39 an ounce.

news_03.png
 

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

We are always looking at simpler ways of controlling our day to day spending , Transaction accounts are the simplest way this can be done .
30 August 2016
Which Way To Pay
As we all want to keep on top of our financial situation , Transaction accounts can do this for you .
Read More >>
Having the stress of money worries hanging over you day in day out is very stressful. Thats why Bad Credit loans could be your answer.
08 August 2015
Which Way To Pay
When it comes to keep being refused by banks and lenders for a solution to clear your debt once and for all . Bad Credit Loans are there to help.
Read More >>
When spending on your reward credit card , many different benefits whilst using this.
14 May 2015
Which Way To Pay
Make sure you get all the rewards you are entitled to with your Rewards Credit Cards.
Read More >>