Excerpt from: GFT Analysts in the News
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| January 29, 2009 | | New Zealand dollar continues to struggle in currency trading |
The New Zealand dollar continues to struggle in currency trading on the FX market after today's rate cut. The Reserve Bank of New Zealand cut rates by 1.5%, sending the rate to 3.5%. This was unexpected, as the RBNZ was expected to cut rates to 4%. The 3.5% is a record low rate.
The kiwi is falling in forex trading as commodity currencies are hard-hit by the global recession. The hope is that the lower rate will sitmulate economic growth, ultimately helping the New Zealand dollar in currency trading.
| Topic Tags: commodity currencies, currency trading, currency trading FX market, dollar currency trading, forex trading, FX market, global recession, New Zealand dollar | |
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