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New Zealand Dollar Tanks as Labour Party Takes Power

19 October 2017 by News Desk

The New Zealand dollar tanked on Thursday against other currency majors, falling by around -1.50% against the pound (NZD/GBP), euro (NZD/EUR), the Australian dollar (NZD/AUD) and US dollar (NZD/USD). The Kiwi currency dropped following the news that New Zealand First would be forming a coalition with the Labour party, making Jacinda Ardern the next New Zealand Prime Minister.

Ardern is relatively new to leadership, only taking the role as Labour leader in the past three months, but created quite an impact in that short space of time. Her Labour party managed to achieve second place in the September election, but no party won enough votes to secure a majority. Ardern had risen to popularity fast with some labelling the surge as ‘Jacinda-mania’. She aimed her policies on education subsidies, housing, and the environment at young voters and is set to be the youngest Prime Minister since 1856 at age 37.

Ardern commented: ‘I thank the New Zealand First party and leader Winston Peters for agreeing in principle to a coalition arrangement with Labour. The negotiations have been courteous, constructive, and robust. Throughout, we have focused on our shared values and the policies that can take New Zealand forward… I thank Bill English and acknowledge the service he has given to this country as Prime Minister, and for a hard-fought campaign. We both share a commitment to making New Zealand a better place and Bill has left his mark.’

Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.

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