New Zealand Dollar Reaches 18-Year Low vs. Australian Currency

The New Zealand dollar reached today the lowest level since 1992 against its Australian counterpart as the stocks declined and New Zealand Prime Minister upheld his previous opinion about the necessity of an interest rates cut. The currency advanced versus the US dollar. The MSCI Asia Pacific Index of regional shares declined 1.1 percent. The costs of the February 22 earthquake in Christchurch to New Zealand’s economy may exceed three times the estimated NZ$5 billion damage from the September tremor.
AUD/NZD traded near its opening level of 1.3764 as of 10:16 GMT today, after reaching the intraday high of 1.3777. NZD/USD went up from 0.7372 to 0.7380 after it earlier fell to 0.7350.
If you want to comment on the New Zealand dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.