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

 


NZ dollar holds near 81 US cents as fiscal cliff talks loom

NZ dollar holds near 81 US cents as fiscal cliff talks loom

Nov. 16 (BusinessDesk) – The New Zealand dollar traded at just above 81 US cents, having weakened this week as global risk aversion evaporated and stock markets weakened, while traders are awaiting any early news on the US fiscal cliff talks.

The kiwi dollar traded at 81.03 US cents at 5pm in Wellington from 80.95 cents at the start of the day and from 81.22 cents the previous day. The trade-weighted index was at 72.87, up from 72.80 at the start of the day.

US President Barack Obama and Republican lawmakers are due to meet this weekend to find a way to avoid the so-called fiscal cliff, a mix of tax increases and spending cuts that will kick in automatically on Jan. 1 and risk hampering the already-fragile economy. Global markets have become more risk averse this week with a run of weak global data and increased hostility in the Gaza Strip.

“The general pattern seems to be a reasonable amount of risk aversion on the market that has weighed on the Australian dollar and the kiwi,” said Chris Tennent-Brown, FX economist at Commonwealth bank of Australia.

The kiwi dollar is still broadly within its recent range of 81 cents to 83 cents, he said. In the near term, negotiations in the US over the fiscal cliff are likely to dominate. If agreement can’t be reached, there’s a risk the US economy falls back into recession and weighs on global growth, he said.

The kiwi dollar traded at 65.59 yen from 65.68 yen amid talk elections next month could install the main opposition party and lead to more concerted efforts to weaken Japan’s currency.

The New Zealand dollar traded at 78.40 Australian cents from 78.36 cents. It rose to63.45 euro cents from 63.35 cents and traded little changed at 51.07 British 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