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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news