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

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news