it's not bad news gz for exporters and resource stocks. AUD and NZD were amongst best yielding currencies in world at a time when US and Japan have been getting very little...so a lot of Japanese borrowed at low interest rates to invest in our currency and Kiwi dollar and for a long time it was a great earner as more money piled in they got double whammy rising currency and better yield or a rising share market.
But now credit is tightening they are repatriating funds, flight to safety etc.
I hope I have got that right, do currency experts agree?
The NZD was ludicrously valued given their severe current account problems and it was killing their export sector, all in the name of trying to keep housing bubble from inflating further.
