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

 


NZ dollar gains vs. euro as Greek report shows funding gap

NZ dollar gains vs. euro as Greek report highlights funding gap

Nov. 13 (BusinessDesk) – The New Zealand dollar gained against the euro and the greenback after a report proposed giving Greece two more years to meet budget targets while highlighting the scale of the fiscal gap.

The kiwi rose to 81.76 US cents from 81.58 cents at 5pm in Wellington yesterday. The currency rose to 64.31 euro cents from 64.11 cents.

Bloomberg News cited a draft document from the European Central Bank, the European Commission and the International Monetary Fund, a grouping known as the troika, giving Greece a two-year extension to meet budget targets to ease the impact of austerity measures. Risk currencies including the kiwi and the Australian dollar have been helped by strong trade data from China.

The troika report “gives Greece an extra two years but the report highlights the huge funding shortfall facing Greece,” said Mike Jones, currency strategist at Bank of New Zealand. “We’re now staring down the barrel of more delays and uncertainty when Greece gets its new packet of cash. There was broad selling of the euro against all major currencies.”

The kiwi has gained because it is “a game of trying to pick the least worst economies out there,” he said.

Figures last weekend showed China’s trade surplus was US$32 billion last month, which beat economist estimates. China is New Zealand’s biggest export market after Australia.

The kiwi dollar rose to 78.41 Australian cents from 78.31 cents and the trade-weighted index rose to 73.23 from 73.05. The New Zealand dollar gained to 51.48 British pence from 51.29 pence and traded at 64.97 yen from 64.83.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Three Months On: Quake Reciovery In Kaikōura And Elsewhere

Three months after the magnitude 7.8 earthquake on 14 November, encouraging recovery progress is being made in affected communities. More>>

ALSO:

Jetstar, Qantas For Govt Transport: Government Still In Talks With Air NZ

The government is still negotiating with national carrier Air New Zealand in a cross-agency air travel contract that will add a number of new airlines to the list of approved flyers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news