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

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news