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

 

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