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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news