The New Zealand dollar is sliding as PM John Key announces his resignation

Photo by Mike Heydon/Jet Productions NZ Limited via Getty Images

The New Zealand dollar is under pressure on Monday, succumbing to a wave of fresh political uncertainty.

After initially sliding on the news that Italian prime minister Matteo Renzi will resign following Sunday’s referendum result, where Italians overwhelmingly rejected constitutional reforms, the Kiwi was further rattled by the shock news that NZ prime minister John Key will also resign ahead of next year’s federal election.

Key, prime minister since 2008, said there was no way he could have served out a full fourth term and he did not want to mislead the public.

“I gave it everything I had,” said Key when making the announcement.

The NZD/USD is currently trading at .7092, down 0.46% for the session. It earlier fell to as low as .7077.

NZD/USD 5-Minute Chart

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