The worsening of the global economic crisis has led to the decrease of several currencies which fell against some of their major counterparts, especially the US Dollar due to the increase of the traders’ concerns about the global economic environment.
The New Zealand Dollar decreased after the decision taken by Standard & Poor’s and Fitch Ratings of downgrading the sovereign credit rating of the country. This has caused the nation’s currency to fall against some of its major counterparts, especially the US Dollar, against which the New Zealand Dollar has reached the lowest level in six months. The currency also decreased against the Euro, the Australian Dollar and the Japanese Yen, but maintained almost the same value against the Great Britain Pound.
This comes after the decision of Standard & Poor’s and of Fitch Ratings of downgrading the country’s credit rating from AA+ to AA for foreign currency and from AAA to AA+ for the local Read more »