The Kiwi Takes A Turn For The Worse

29 June 2012 23:30 - Phoebe Robinson

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The Kiwi Takes A Turn For The Worse

The New Zealand Dollar dropped a cent behind the USD as the markets anxiously await any news from the European Union Summit in Brussels, Which is expected to produce results that will show how leaders plan to deal with and attempt to solve the Eurozone crisis. The New Zealand Dollar dropped to 78.72 cents early this morning from 79.49 cents yesterday evening. The trade weighted index decreased to 71.61 from 72.05.

In Brussels the European Summit is trying to solve the crisis but putting focus on Spain and Italy who debt is deep and borrowing costs are continuously soaring, with lenders under pressure to stop the crisis spreading.

A suggestion that has been looked at positively is that of common banking supervision and deposit insurance and a “criteria-based and phased” move towards joint debt issuance."The kiwi crashed back down to earth last night as investors remained focused on the summit - it undermined risk sentiment over the last 24 hours" said Mike Jones, market strategist at Bank of New Zealand.

However the Germans were not so keen on the idea of joint debt and the German chancellor Angela Merkel has rejected the idea to look into joint debt or even to do more to cut Spanish and Italian borrowing costs. Instead Merkel has her own agenda in which she wants to focus on creating measures to boost economic growth.  

The New Zealand Dollar dropped to 63.4 euro cents from 63.52 cents overnight.

 

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Related Links:
• The Insistute Of International And European Affairs
Offical Website
• Economic Calendar
Scheduled Economic

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