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

 

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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