As American economy goes into recession worldwide central banks start selling their currency against dollar – New Zealand takes the lead
Tania Slankar
Jun. 11, 2007

The US dollar is suffering badly as US economy goes into recession and the rest of world interest rates sky rocket. It is a serious issue for the rest of the world. These economies can go into depression if dollar dips further and the exports for these countries dwindle.

New Zealand's dollar slumped after the central bank intervened in the foreign exchange market, saying the economy's outlook doesn''t justify the currency's rise to a 22-year high.

``We regard current levels of the exchange rate as exceptional and unjustified in terms of the economic fundamentals,'''' Reserve Bank of New Zealand Governor Alan Bollard said in a statement in Wellington. The sales were the first announced by the central bank since it set up a NZ$7 billion ($5.3 billion) fund to stabilize the market in 1990.

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