NZ Dollar May Keep Falling

26 September 2011 - Which Way to Pay

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NZ Dollar May Keep Falling

The New Zealand dollar is set to see further declines as investors’ confidence takes yet more hits as the IMF are slow to make progress on a plan to tackle the worsening debt crisis in Europe. Some economists and market strategists predict that the NZ dollar will fall further as more bad news comes from the eurozone. Others see the kiwi rising from oversold levels, whilst some economists see the markets as too volatile to even make a guess at the future of the currency.

The New Zealand dollar is currently at a value of around 77.67 US cents, and is predicted to remain around this value throughout the week, from about 76 cents to 79. The currency markets will reflect heavily any changes or developments in the eurozone debt crisis, changing in line with investors’ confidence as uncertainty arises over policymakers’ capability to tackle the problems head on.

Over the weekend, the World Bank, the G20 and the International Monetary Fund attempted to find a solution for the problems. It seems like investors are expecting Greece to default on its debt, regardless of European officials’ plan to quarantine a potential Greek default in order to prevent a domino effect being launched across the region’s banks. They hope to do this by increasing the authority of the European Financial Stability Fund. The ins and outs of the plan have yet to be announced, meaning that investors’ worries are yet to be quelled.

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