NEW ZEALAND Dollar exchange rate recovered a little and once again below the 2.7000 level. Personally i believe there is a lot of scope for the Kiwi Dollar to fall further and i would not rule out seeing Pound to NZ dollar exchange rate back at the 3.0000 to the Pound.
The economy is very weak with the news last night was that Retail sales volume fell for the second quarter in a row in the three months to June, backing views the economy is in recession and the central bank will keep cutting interest rates. The value of seasonally adjusted sales were down 0.2% on the previous quarter, and allowing for price movements, volumes fell 1.5%, according to official data released by Statistics New Zealand.
Bye for Now
IMS Foreign Exchange
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