Yahoo Finance 
New Zealand Dollar Clobbered as PM Key Steps Down
DailyFX.com -
Talking Points:
New Zealand’s Prime Minister John Key announced his resignation
He said he could not serve another term and wouldn’t fight next year’s general election
The New Zealand Dollar retreated as surprised markets pulled out
The New Zealand Dollar took a surprise knock on Monday after the unexpected resignation of the country’s Prime Minister, John Key.
Mr. Key has been in office for eight years but announced that he will now step down. Local press reports that he is quitting for personal reasons, with some suggesting that he has done so at the request of his wife.
He has also said that he would not serve another term as Prime Minister, and would not fight next year’s general election.
Key called the decision, “the hardest I have ever made,” and said he did not know what he would do next.
Deputy Prime Minster Bill English is expected to take over until the governing National Party holds a caucus to choose a new Prime Minister on December 12.
NZS/USD slipped to 0.70819 after the data, from 0.71400 before the news hit the wires.
Shock result. The kiwi slips back:
Take a look at this week's live coverage of key event risk in FX and the broader capital markets on theDailyFX Webinar Calendar!
--- Written by David Cottle, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from IG.
