
NZ dollar climbs above US83c as equities rebound
The New Zealand dollar rose back above 83 US cents this morning, as global equity markets rebounded strongly for the second time this week.
The New Zealand dollar rose back above 83 US cents this morning, as global equity markets rebounded strongly for the second time this week.
World share markets are up again, after a good earnings report from Cisco and a positive US jobs report.
The New Zealand stock exchange is back in positive territory - currently up 0.2 per cent.
The tumult on global financial markets is a vote of no confidence in political leaders on both sides of the Atlantic.
The New Zealand dollar dropped almost 2 US cents amid speculation that France would be the next country to have its credit rating downgraded.
The New Zealand sharemarket has recovered from two days of falls, but the NZ dollar fell back from an initial rebound.
Global turmoil in global markets means the next OCR hike is now likely to be December, not September, say a growing number of bank ecnomists.
The New Zealand stock exchange is soaring ahead this morning, with the benchmark NZX-50 up nearly 4 per cent in early trading.
Trade Minister will be under pressure in Beijing to live up to the terms of the FTA.
The New Zealand dollar rose above 83 US cents after US equity markets snapped their slide on the back of a commitment from the Federal Reserve that it would keep interest rates near zero for at least two years to stimulate the ailing American economy.
New Zealand shares are still falling this morning, with the local market down 3 per cent after big overnight losses on US and European exchanges.
Overwhelmed by virtual rubber-neckers such as myself the recently upgraded NZX website froze on Monday morning.
The New Zealand dollar extended its decline against the greenback after a global equity and commodity markets slumped in reaction to the US credit downgrade.
Wall St has followed European markets sharply down overnight, with the Dow Jones falling 5.5 per cent, the Standard & Poor's 500 index down 6.6 per cent and the Nasdaq down 6.9 per cent.
The Dow has plummeted 4.4 percent overnight, dropping below the 11,000 level for the first time since November, as markets continued a global sell-off. It comes as Standard and Poor's warns New Zealand is among the countries that could suffer...