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

 


NZ dollar falls as retail sales point to weak economy

NZ dollar falls as retail sales point to weak economy in third quarter

Nov. 14 (BusinessDesk) – The New Zealand dollar fell against most of its trading peers after figures showed a drop in third-quarter retail sales, adding to weak employment numbers in suggesting the economy hit a pothole in the period.

The kiwi dollar traded at 81.69 US cents from 81.88 cents at 8am in Wellington and from 81.66 cents in late trading the previous day. The trade-weighted index fell to 73.12 from 73.37 this morning.

Government figures today showed the volume of retail sales fell 0.4 percent, seasonally adjusted, in the three months ended Sept. 30, against a Reuters survey calling for a 0.5 percent gain. That adds to the gloom from data last week showing the jobless rate unexpectedly jumped to 7.3 percent, suggesting the economy’s pace is stumbling.

Retail sales were “more evidence that the third quarter of this year was a soft patch for the New Zealand economy,” said Imre Speizer, senior markets strategist at Westpac Banking Corp.

More up-to-date data, including business sentiment, suggests the economy sped up again in the fourth quarter, Speizer said.

The kiwi dollar fell to 78.15 Australian cents from 78.45 cents. It didn’t move much after Australia’s wage cost index for the third quarter rose 0.7 percent, close to market expectations of a 0.8 percent gain, for a year-on-year gain of 3.7 percent.

Speizer said the figures did show some evidence that wage inflation is starting to slow in the mining sector.

The New Zealand dollar fell to 64.95 yen from 65.09 yen and fell to 64.21 euro cents from 64.47 cents. It fell to 51.41 British pence from 51.62 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news