Wednesday, July 30, 2008
It is now clear that the Antipodes are tipping into a serious downturn. Australia’s NAB business confidence index fell to its lowest level in seventeen years in June. New Zealand’s central bank began to cut interest rates last week on fears that the econo
The world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region. . Housing starts slumped 20pc in June to the lowest since 1986. Both the Australian and New Zealand dollars have fallen hard in recent days and now appear to be breaking down through key technical support against major currencies, including the US dollar. "The Aussie is going down, big time," said Mr Redeker.