Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ dollar gains in local trading as Chinese data improves

NZ dollar gains in local trading as Chinese data improves, threats remain

By Paul McBeth

Nov. 12 (BusinessDesk) - The New Zealand dollar gained in the local trading session as Chinese data showed the world's second-biggest economy was rebalancing towards domestic consumption, soothing fears of a sharp slowdown.

The kiwi rose to 81.58 US cents at 5pm in Wellington from 81.39 cents at 8am and 81.45 cents on Friday in New York. The trade-weighted index advanced to 73.06 from 72.94 last week.

Chinese industrial product gained 9.6 percent last month from a year earlier and retail sales rallied 15 percent, stoking optimism the world's most populous nation won't slow down as fast as earlier feared and drag down the global economic recovery. Still, investors are concerned about the US ability to bridge a gap between opposing political parties and avoid the 'fiscal cliff' of US$600 billion in tax hikes and federal spending cuts.

"Chinese demand is becoming more refocused on domestic consumption - the retail sales pick up shows more sustainable Chinese growth," said Imre Speizer, market strategist at Westpac Banking Corp in Auckland. "The fiscal cliff is the biggie to watch this week" and the kiwi may "drift lower down to 80.60 US cents" as investors remain nervous about the global situation, he said.

Five of six traders and strategists in a BusinessDesk survey say the kiwi may weaken this week after last week's household labour force survey showed unemployment at a 13-year high, lending greater weight to third-quarter data, including retail sales on Wednesday.

The kiwi traded at 64.83 yen from 64.71 yen last week after government figures showed Japan's economy shrank 0.9 percent in the September quarter, and is at risk of tipping in recession with a contraction forecast for the December period.

New Zealand's currency edged up to 64.12 euro cents from 64.06 cents on Friday in New York after Greek legislators agreed to deep budget cuts in a bid to secure its bail-out package. European finance chiefs will meet today in Brussels to discuss the rescue funding.

The kiwi dollar was little changed at 78.31 Australian cents from 78.38 cents last week, and edged up to 51.31 British pence from 51.23 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news