The currency market is continuing to cause concern for investors around the world and especially with the New Zealand dollar as it is struggling to find a happy medium.
The New Zealand dollar took a hit on Tuesday when Standard and Poors announced that it was keeping a close on New Zealand with a view to downgrading its credit rating from AA+/A-1+.
See weekly video market update below with IRG BOP's Jonathan York and Phil Sedcole.
The main reason given for this negative outlook was down to New Zealand's large overseas debt.
Markets responded sharply to this negative outlook announcement with the New Zealand dollar tumbling in value against the US dollar by a whole cent – to nearly $US0.77.
1 comment
Negative outlook
Posted on 24-11-2010 13:06 | By SpeakUp
Those who are too apathetic to take a closer look at the current monetary system (reserve banking), the history of it, why it was created, and why NZ is fatefully intertwined with the US demise, will not know what hit them. No, this time "she'll NOT be right".
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