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: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news