Kiwi Hit 6 Year Low on Momentous Day

January 21, 2009 International FinanceNew Zealand Finance  No comments

The Inauguration of Barack Obama, release of 2008 inflation figures and a losing day on Wall St saw the New Zealand Dollar hit a 6 year low against the U.S. Dollar (greenback).

The New Zealand Dollar (Kiwi) reached a value of US51.65 cents.Further, the Kiwi reached a seven year low of 46.98 against the Japanese Yen.

The falls came amidst similar moves from many world currencies. On a global scale this can be attributed to the speech of Barack Obama, which did not reveal any new details regarding the U.S. Economic recovery package. The lowest points for the Kiwi against both the Yen and Greenback came near the closing of the Presidential Speech.

The fall of the Kiwi can also be attributed to the low sales economic figures for the month of December. These came as a surprise to economists who predicted better times due to enacted and oncoming tax cuts.

The Kiwi had made some recovery against both the Yen and Greenback by trade closing.