New Zealand faces another Quak in 1st half ....

New Zealand Economy Hits by a Magnitude 5.5 quake

Christchurch, New Zealand’s second-biggest city, faced today from a magnitude 5.5 quake. The earthquake was 11 kilometers (7 miles) deep and centered 10 kilometers southeast of the city. It struck at 1 p.m. local time. 

Telephone services were affected and there were reports of damage in the city that was devastated by a magnitude 6.3 temblor in February that caused to kill more than 180 people and shut the central business buildings. The NZ government reported that there some damage, while there are not injuries. 

Today, the New Zealand has faced a magnitude, pushed down the New Zealand dollar fell to record the lowest level at 0.8138 against the U.S. dollar after Christchurch was struck by a magnitude 5.5, the currency trades at 0.8146 U.S. cents before the earthquake. 

On the other hand, oil prices dropped for a second day before the reports that may show slowing economic growth in the U.S. and China, curbing fuel demand in the world’s two largest crude consumers.

Damage report :

There have been reports of liquefaction bubbling up from the ground in the central Christchurch suburb of Richmond and the outer suburbs.Rocks have been seen falling from the hills in Sumner, while the University of Canterbury and Riccarton Mall have both been evacuated.The Christchurch City Council say residents in Heberden Avenue, and have been asked to self-evacuate for their own safety.

The council says it is still assessing the situation following today's large aftershocks. People are advice to limit their travel to ease congestion to make it easier for emergency service to travel. A caller told Newstalk ZB's Danny Watson the Centra Hotel opposite the Grand Chancellor is on a lean.