NZ dollar falls after Egan-Jones cuts US rating after Fed stimulus

Sun, 16 Sep 2012

By Hannah Lynch Sept. 17 (BusinessDesk) - The New Zealand dollar fell after Egan-Jones Ratings cut its credit rating for the US, saying the Federal Reserve’s third round of large-scale asset purchases will weaken the dollar and drive up inflation. The New Zealand dollar fell to 82.76 US cents at 8am from 82.85 cents at the close of trading in New York and 83.45 cents at 5pm in Wellington on Friday. The trade weighted index decreased to 73.1 from 73.23. Egan Jones, an independent credit-research firm, cut its rating for US government debt to...

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