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

 


NZ dollar falls as Euro chiefs defer Greece decision

NZ dollar falls as European finance ministers put off Greek bailout decision

By Paul McBeth

Nov. 21 (BusinessDesk) - The New Zealand dollar fell after European finance ministers failed to reach agreement on the next cash top-up for heavily indebted Greece, spooking investors who were optimistic an accord would be reached.

The kiwi fell to 81.30 US cents at 5pm in Wellington from 81.56 cents at 8am and down from 81.86 cents yesterday. The trade-weighted index fell to 73.19 from 73.44 yesterday.

European finance chiefs left a meeting lasting more than 10 hours in Brussels without settling on an agreed way for Greece to get its next round of bail-out funding, dashing hopes the Mediterranean nation had done enough to sway them. The finance ministers cancelled a scheduled press conference and get back to the table on Monday.

"Surprise, surprise - the European finance ministers didn't solve all of the problems in the world," said Chris Tennent-Brown, FX economist at Commonwealth Bank of Australia in Sydney. "The market was built up for something a little more exciting than that."

Traders were already backing away from the kiwi and Australian dollars after the RBA minutes for the Nov. 6 meeting showed the central bank may cut the target cash rate to reinvigorate a slowing economy.

"Traders took a little bit off the Australian dollar" after the RBA minutes and a lack of Australasian data kept things quiet today, said Michael Johnston, a trader at HiFX in Auckland. "The kiwi's drifting a little lower."

The kiwi dollar fell to 63.73 euro cents from 63.90 cents yesterday and fell to 51.06 British pence from 51.43 pence. It slipped to 78.51 Australian cents from 78.57 cents yesterday and was little changed at 66.54 yen from 66.50 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news