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Thread: Kiwi dollar slides amid Dubai debacle

  1. #1
    MotherBear's Avatar
    MotherBear is offline The missing link
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    Default Kiwi dollar slides amid Dubai debacle

    Kiwi dollar slides amid Dubai debacle
    9:30 AM Friday Nov 27, 2009

    The New Zealand dollar slid below 72 US cents for the first time in three weeks after Dubai World, the state-owned investment company for the Gulf State emirate, sought to put off paying its debt, knocking investors' appetite for higher-yielding, riskier assets.

    Dubai World, which has liabilities of US$59 billion, sought a "standstill" agreement from creditors after the collapse of the property development market, and ratings agency Standard & Poor's placed four Dubai banks on negative watch.

    The prospect that British banks may be exposed to the default has raised concerns about the health of the global recovery, and stocks in Europe retreated. Markets in the US were closed due to the Thanksgiving Day holiday.

    The fact that it's day-old news just goes to show "the multi-month real investor nervousness doesn't take much to spook the taxi drivers out of trading," said Imre Speizer, markets strategist at Westpac Banking Corp.

    "I would be surprised if the kiwi pushed below the 70.80 US cents level as Asia has already reacted to the news."

    More here.
    Mother Bear

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  2. #2
    macfod's Avatar
    macfod is offline Oh Masterful One
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    Mar 2005

    Default still too strong

    Methinks the dollar is still way to high in the current climate.
    We are seeing less tourists this year and all saying its expensive to holday here...

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