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

 


NZ dollar gains as Chinese manufacturing outlook gets rosier

NZ dollar gains as Chinese manufacturing outlook gets rosier

By Paul McBeth

Nov. 22 (BusinessDesk) - The New Zealand dollar crept higher after figures showed China's manufacturing sector may expand in November for the first time in 13 months, stoking optimism the world's second-biggest economy is on the mend after a third-quarter stutter.

The kiwi rose to 81.54 US cents at 5pm in Wellington from 81.30 cents at 8am today and 5pm yesterday. The trade-weighted index advanced to 73.29 from 73.19.

China's economy may be turning the corner after a seven-quarter slowdown after the HSBC purchasing managers' index indicated industrial production is growing this month, with a preliminary reading of 50.4. Stocks across Asia rallied, with Japan's Nikkei 225 index up 1.1 percent in afternoon trading and Hong Kong's Hang Seng index gaining 0.7 percent.

"The Chinese data was slightly better than expected, though the kiwi's struggling to top 82 US cents," said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland. "It's hard to see the kiwi break out of the range with Thanksgiving tomorrow and Japan on holiday on Friday."

New Zealand's currency may trade between 81 US cents and 82 cents for the rest of the week, Kelleher said.

The kiwi extended its rally against the yen, trading at 67.21 yen at 5pm from 66.50 yen yesterday after weaker Japanese trade figures sapped investors' appetite for the so-called safe haven currency ahead of next month's election which may install a more activist government.

New Zealand's currency fell to 63.48 euro cents from 63.75 cents yesterday after European finance ministers yesterday failed to reach accord on granting Greece its next bail-out tranche. The finance chiefs will start again on Monday.

The kiwi was little changed at 78.45 Australian cents from 78.48 cents yesterday, and traded at 51.09 British pence from 51.06 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news