this post was submitted on 14 Jun 2023

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New Zealand officially in recession as GDP falls for second quarter (www.rnz.co.nz)

submitted 1 year ago by Whitt@lemmy.nz to c/newzealand@lemmy.nz

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[–] BalpeenHammer@lemmy.nz 1 points 1 year ago (1 children)

Why is the NZD getting stronger then?

[–] Dave@lemmy.nz 1 points 1 year ago (1 children)

It isn't, unless you compare against USD. But USD is falling against many other currencies so I'd say it's the USD getting weaker rather than NZD getting stronger.

[–] BalpeenHammer@lemmy.nz 2 points 1 year ago (1 children)

The US economy is rebounding so why is their currency going down?

[–] Dave@lemmy.nz 1 points 1 year ago

I'm not sure, but it might be to do with the Federal Reserve indicating they will add another 50bp to rates by the end of the year. But I'm no expect, I just looked at a currency graph to check USD against some major currencies.