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

 


NZ dollar steady as Greek impasse keeps investors nervy

NZ dollar little changed as Greek impasse keeps investors nervy, Asian equities fall

By Paul McBeth

Nov. 13 (BusinessDesk) - The New Zealand dollar was little changed as high-level talks in Europe about whether the region will give Greece its next bail-out tranche keep investors nervous, spurring a decline in Asian equity markets.

The kiwi traded at 81.65 US cents at 5pm in Wellington from 81.76 cents at 8am and 81.58 cents yesterday. The trade weighted index edged up to 73.17 from 73.05 yesterday.

Stocks across Asia fell as investors remain in the dark as to whether Greece will get its aid package and if it will stay in the region's single currency. European finance ministers granted the Mediterranean nation an extra two years to get its books in order, though Dutch Finance Minister Jeroen Dijsselbloem said Greece will have to find a way to bridge a 32.6 billion funding gap on its own if it wants to get the extension.

Japan's Nikkei 225 index fell 0.5 percent in afternoon trading, while Hong Kong's Hang Seng index was down 1 percent and Australia's S&P/ASX 200 index fell 1.1 percent.

"There seems to be an impasse over Greece," said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland. "I don't think there's any fundamental change (in the kiwi) unless equities keep going lower."

New Zealand's currency rose to 78.42 Australian cents from 78.31 cents yesterday after business confidence deteriorated across the Tasman, according to a National Australia Bank survey.

Investors will be keeping tabs on Germany's Zew survey of the economic situation in Northern Hemisphere trading, with European news likely to top headlines ahead of the next meeting about Greece's bailout on Nov. 20.

The currency rose to 64.37 euro cents from 64.11 cents yesterday, and advanced to 51.46 British pence from 51.29 pence. The kiwi traded at 64.73 yen from 64.83.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news