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

 


NZ dollar climbs to 7-mth high vs. yen on weak Japan exports

NZ dollar climbs to 7-month high vs. yen on weak Japan exports

Nov. 22 (BusinessDesk) - The New Zealand dollar rose to a seven-month high against the yen after Japan’s trade deficit widened, stoking concern the world’s third-biggest economy is heading back into recession.

The kiwi rose as high as 67.13 yen, the highest since early April, from 66.50 yen yesterday. The local currency was little changed at 81.30 US cents while the trade-weighted index slipped to 73.13 from 73.19.

Japan posted its fourth straight monthly trade deficit in October, with a gap of 549 billion yen, compared to a forecast deficit of 360 billion yen in a Dow Jones survey. The trade deficit so far in 2012 has reached a record 5.3 trillion yen. Exports to China, Japan’s biggest trading partner, tumbled, sharpening interest
in today’s release of the China HSBC Flash Manufacturing PMI, which has been showing contraction.

The NZD/JPY extended its gains “as the extent of the financial quagmire of the world’s third largest economy is slowly unravelled,” Bancorp Treasury Services said in its morning note.

Trading may be subdued with US markets closed on Thursday for the Thanksgiving Day holiday.

The yen is also at a seven-month low against the greenback on speculation the main opposition LDP party will win power next month and make more concerted efforts to weaken the currency. Japan is New Zealand’s fourth-biggest export market after Australia, China and the US.

The kiwi dollar fell to 78.40 Australian cents from 78.48 cents and weakened to 63.40 euro cents from 63.75 cents. It fell to 50.99 British pence from 51.06 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news