New Zealand dollar experiences mixed trading

The New Zealand dollar had mixed results yesterday, gaining against the ailing pound but making sharp losses against the aussie. The kiwi largely remained under pressure, with share markets slipping on poor results from Morgan Stanley. It was also weighed down by comments from New Zealand Finance Minister, Bill English, who stated that the New Zealand economy was likely in its sixth quarter of recession and the government would cut future spending in an attempt to contain widening deficits.