The New Zealand dollar declined against the U.S. and Australian currencies today as the country’s services industry continued to decline for a ninth month in a row last December, according the Performance of Services Index that was released yesterday.

The New Zealand dollar dropped to the monthly low against the U.S. dollar today as the S&P rating agency revised the country’s foreign currency credit rating outlook from stable to negative.

The Australian and New Zealand dollars both showed a second day of decline today on the Forex market as the stocks, commodities and the confidence in the fast recovery from the recession fell world-wide.

The Australian and New Zealand dollars rose against the U.S. dollar and the Japanese Yen compared to the last Friday’s close levels as the China said that the government will provide $586 billion of liquidity help to the national economy.

The Australian currency may experience considerable gains against the New Zealand dollar soon as the New Zealand’s central bank showed commitment to the extreme rate cutting in the fear of recession, while Australian central bank may refrain from changing the rate for now.

Both Australian and New Zealand currencies continued to fall against the U.S. dollar today as the traders’ confidence that the central banks of those countries will cut interest rates soon rose and the dollar continued its growth against euro, pound and yen.

The New Zealand dollar fell significantly against the other currencies today after the release of the report that showed that the home-building approvals in the country declined to the lowest level in almost 22 years in June.

The New Zealand dollar fell to its 6-month low level against the U.S. dollar after the Reserve Bank of New Zealand cut the interest rate by a quarter percent point in its first rate reduction in the last five years.

According to the analysts from Citigroup Global Markets Inc., the New Zealand dollar may experience the lowest value against the Japanese yen in more than 10 month if it closes below the current triangle pattern support line.

The New Zealand dollar continued to lose against other currencies today (except the U.S. dollar) as the economy contracted in the first quarter and the expectations that the central bank will cut the interest rate rose.