New Zealand on Pacific Ring of Fire Hit With Earthquake

New Zealand on Pacific Ring of Fire Hit With Earthquake

New Zealand, situated on the Pacific Ring of Fire, was just hit with an earthquake with a magnitude of 6.3 on Monday evening at 3:52 p.m. The earthquake occurred just 40 miles southeast of Palmerston, according to the U.S. Geological Society.  Currently, no injuries have been reported. Some residents have reported items falling off shelves, and that the earthquake lasted for approximately 30 seconds.

Following the earthquake, the New Zealand dollar was hit, trading at its lowest since Jan. 10, falling 0.3 per cent to 82.32 U.S. cents.

The Pacific Ring of Fire on which New Zealand is situated, consists of a chain of volcanoes resulting from the subduction between oceanic plates. The “Ring of Fire” comprises over 75 per cent of Earth’s volcanoes – both active and dormant.

By Joscelyne Yu

Sources:

About.com
Bloomberg BusinessWeek
World News

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