Video: Kiwi falls after 2 bad reports on NZ's economy

Video: Kiwi falls after 2 bad reports on NZ's economy

Two major reports out. The first is the NZIER Quarterly Survey of Business Opinion. Grim reading for NZ over 2009. Businesses are expecting activity to fall, are planning layoffs and deferring investment.

Standard and Poor's changed the outlook for New Zealand's foreign currency rating from stable to negative. If this changes, it could push up interest rates. S&P said that the next budget will determine whether the rating changes or not.
The $NZ fell on the news, down to 55 USc overnight.

The Dow remained steady, is down 3% on the week. Oil remained steady at US$38 per barrel.

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