The New Zealand Dollar tumbled by half a cent against the US Dollar and other currencies before making a quick recovery after a 6.6 magnitude Earthquake struck the country’s South Island and capital city.
The Earthquake struck around 2:31pm NZ time was centred on the northern tip of New Zealand’s south island around 45 miles south of Wellington, the nation’s capital city.
According to the Geonet website the quake lasted just 30 seconds, numerous aftershocks have also been felt. Friday’s quake marks the third serious tremor to shake the country in the past month.
As a result of the quake the country’s stock exchange was closed and other parts of Wellington were shut down. Many buildings were evacuated and workers told to go home to allow structural assessments to be carried out. Lengthy traffic queues formed outside the city. Emergency services are reported to have rescued several people in Wellington trapped in lifts which stopped operating when the quake struck.
Following the quake the ‘Kiwi’ tumbled downward against its peers as the news spooked the markets.
“There’s always the unknown factor when you hear earthquake news. Markets will fear the worst initially until you start to get some visuals coming through” said a currency trader based in Auckland.
With news that the damage caused was relatively minor the New Zealand Dollar recovered most of its lost ground and even rallied higher against some of its most traded peers.
Current New Zealand Dollar (NZD) Exchange Rates:
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The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8090 <
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6063 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5175
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2361
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6492 >
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1348 <
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1996 <
(Correct as of 09:20 am GMT)
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