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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: New Zealand PM says kiwi dollar may fall further Reuters - 2 hours 52 minutes ago WELLINGTON, Dec 8 - The New Zealand dollar may fall further as interest rates come down but the economy should have only a shallow recession, Prime Minister John Key said on Monday. Key, a former foreign exchange dealer, told Television New Zealand the kiwi dollar remained vulnerable as the central bank cut rates to buoy the struggling economy. The currency has fallen around 35 percent from its March peaks. "It's a reflection of the fact that interest rates drive the exchange rate, and interest rates were cut aggressively, which was a good thing, on Thursday," he said The Reserve Bank of New Zealand cut rates by a record 150 basis points to 5 percent on Dec. 4, and said further, smaller cuts may be possible, although the bank governor Alan Bollard said the economy had probably already moved out of its first recession in a decade. Key said he did not believe his comments would influence movements in the kiwi dollar, which was steady around $0.5340/50 on Monday. Since the kiwi was floated in 1985, it has looked undervalued when below $0.50, and overvalued when above $0.70, Key said. The New Zealand dollar struck a post-float high of $0.8215 in March this year, but has since tumbled as the global financial turmoil saw investors pull out cash from risky high-yield currencies. "My own view is that we won't have a really, really deep recession, providing the world doesn't have a catastrophic meltdown," Key said. The Treasury is expected to relase updated fiscal and economic forecasts within the next two weeks. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy CNPC mulling partner for Santos bid -reportReuters - 53 minutes ago China's dry container output nearly halted -CIMCReuters - 1 hour 19 minutes ago Double-whammy hits troubled Thailand's economy: analystsAFP - 1 hour 27 minutes ago New Zealand PM says kiwi dollar may fall furtherReuters - 2 hours 52 minutes ago Related Articles: Business S.Korea Kia '09 unit sales seen at 1.47 mln -paperReuters - 19 minutes ago China leaders gather to set econ direction -XinhuaReuters - 33 minutes ago Bottom drops out of recycling industryAP - 35 minutes ago Japan Hot Stocks- Oil-linked shares, Mitsubishi CorpReuters - 15 minutes ago China South Locomotive wins $436 mln contractReuters - 51 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Diamond thieves pull off 100-million-dollar Paris heist Girl, 8, among 17 dead in Manila shoot-out: police Vinnie Jones gets into bar fight over role in X-Men Oil price falls below $40 Climate change: Sci-fi solutions no longer in the margins View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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