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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

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:

Get More From Scoop

 
 
Standards New Zealand

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