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

 


NZ dollar falls on signs of faltering global growth

NZ dollar falls as signs of faltering global growth erode risk appetite

Nov. 15 (BusinessDesk) – The New Zealand dollar fell as weaker economic figures in US and Europe weighed on equity markets and eroded investors’ appetite for riskier, or higher yielding assets.

The kiwi dollar sank to 81.03 US cents from 81.67 cents at 5pm in Wellington yesterday. The trade-weighted index fell to 72.68 from 73.11.

The kiwi dollar added to its decline yesterday following weak retail sales after the euro zone's industrial production sank the most in more than three years in September and Greece's economy suffered a contraction for the 17th consecutive quarter. Meantime, in the US, Commerce Department data showed that retail sales slid more than expected in October.

“Overnight, the NZD/USD resumed its decline as global risk sentiment stuttered,” said Mike Jones, currency strategist at Bank of New Zealand. “The recent deterioration in the NZ economic backdrop means the NZD/USD is more exposed than usual to any cooling of global optimism.”

Weak retail sales and last week’s data showing third-quarter unemployment rose to 7.3 percent has economics pondering whether the economy grew at all in the latest three months. The Performance of Manufacturing Index is due out today and there are expectations manufacturing remains in contraction.

The kiwi slipped to 78.04 Australian cents from 78.13 cents and traded at 64.91 yen from about 64.90 yen yesterday. The New Zealand dollar tumbled to 63.52 euro cents from 64.22 cents and fell to 51.08 British pence from 51.41 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news