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

 


NZ dollar extends slide as equity markets weaken

NZ dollar extends slide as equity markets weaken, euro zone economy shrinks

Nov. 16 (BusinessDesk) - The New Zealand dollar weakened against the greenback as global equity markets extended their slide and data showed the euro zone economy continues to shrink, eroding the appeal of growth linked assets such as the kiwi.

The New Zealand dollar fell to 80.92 US cents from 81.22 cents at 5pm in Wellington yesterday. The trade-weighted index slipped to 72.75 from 72.88.

Stocks fell on Wall Street after Wal-Mart gave guidance that disappointed investors. The Dow Jones Industrial Average was down 0.3 percent and key benchmarks in Europe fell. Data showed that the euro zone’s gross domestic product dropped 0.1 percent last quarter and a Reuters poll of more than 70 economists predicted the bloc's new recession will extend until the end of the year and 2013 promises little better than stagnation.

“Another gloomy night in US and European equity markets has dented sentiment towards high risk currencies like the NZD,” said Mike Jones, currency strategist at Bank of New Zealand.

The kiwi fell to 63.35 euro cents from 63.72 cents and fell to 51.05 British pence from 51.21 pence.

The local currency gained to 65.66 yen from 65.12 yen amid speculation Japanese elections next month will usher in the opposition LDP party, which may hasten efforts to weaken the Japanese currency.

The kiwi rose to 78.28 Australian cents from 78.14 cents yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news