The kiwi falls after US business confidence expands at the slowest pace since 2009, weighing on equities, and data shows Spain slips back into a recession.

UPDATED Monday: The NZD/EUR rose over a cent over the weekend to 62.70 euro cents this morning. The NZD/USD plummeted to 78.65USc on the news before quickly recovering to over 79USc.
 The downgrade came after markets closed, so there may be more impact when European markets open again tonight, Bancorp said.
 

UPDATED: with comment | S&P cuts a notch from long-term ratings on Australia's big four banking pillar - and, consequently, their NZ subsidiaries.

Standard & Poor's has followed fellow ratings agency Fitch to cut New Zealand’s credit ratings.

Ratings agency Standars and Poor's has  downgraded Italy's debt rating, reflecting the troubled country's weakening economic growth prospects.