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S&P affirms New Zealand's ratings

FXStreet (Bali) - S&P ratings agency has affirmed New Zealand's ratings, noting that they see the New Zealand government continuing to improve fiscal performance.

According to S&P, via headlines crossing the wires, New Zealand has fiscal, monetary policy flexibility, with fiscal performance gradually improving. The rating agency sees New Zealand net general government debt peaking at 24% of GDP in fiscal year 2016, while debt servicing burden is expected to remain moderate.

Growth is expected to continue to support fiscal consolidation, S&P notes, although it also highlights that the growing links to China’s economy poses risks. With regards to the current account, S&P sees widening deficits over coming years.

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After posting a new 6-month low at 0.8311 in reaction to a lower-than-expected NZ trade balance, the NZD/USD has managed to rebound over 20-25 pips towards 0.8330-35.
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