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NZ Finance Minister warns of risks to growth

Written by Sam Coxhead on February 9th, 2011.      0 comments

4:50 PM 9th Feb 2011 (NZT) New Zealand Finance Minister Bill English spoke to the Parlimentary Finance and Expenbditure Comittee today. When asked of his opinion of growth in the last quarter of 2011, he said that it was a possibility that NZ entered a technical doubnle dip recession, meaning that we may see 2nd quarter of negative GDP growth. The GDP figure is due for release on 24 March.

English also pointed towards the quickly slowing non-resource sector in Australia as another hurdle to growth for the struggling NZ economy.

Straight after his comments his the media industry the New Zealand dollar was sold against all of its major trading partners. The next few sessions will be interesting to watch as sometimes comments like these can be a catalyst for market moves.

    Last 24 hours trade
  Current level Low  High
NZD/USD 0.7715 0.7707 0.7787
AUD/USD 1.0140 1.0414 1.0190
NZD/AUD 0.7610 0.7587 0.7660
AUD/NZD 1.3140 1.3046 1.3151
NZD/GBP 0.4803 0.4777 0.4843
NZD/EUR 0.5655 0.5652 0.5712
NZD/JPY 63.53 63.45 63.92
NZD/CAD 0.7675 0.7636 0.7738
 

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