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

 


NZ dollar little changed before Greek, US fiscal cliff talks

NZ dollar little changed as markets await Greek talks, US fiscal cliff negotiations

By Paul McBeth

Nov. 26 (BusinessDesk) - The New Zealand dollar was little changed in local trading as investors awaited a meeting on EU policymakers that would grant Greece its next round of financial aid and talks between US legislators to bridge the fiscal cliff of US$607 billion in spending cuts and tax hikes.

The kiwi traded at 82.40 US cents at 5pm in Wellington from 82.28 cents this morning and unchanged from the Friday close in New York. The trade-weighted index was 73.73 from 73.68 last week.

European finance chiefs are set to resume talks on Monday in Brussels to try and forge agreement on securing the next tranche of rescue funds for Greece, which was forced to seek help after taking on too much debt. On the other side of the Atlantic, White House officials and Congress representatives will renew talks to try and prevent automatic spending cuts and tax increases coming into effect from Jan. 1.

A deal by the European finance chiefs "should be market friendly which would push the kiwi higher," said Imre Speizer, market strategist at Westpac Banking Corp in Auckland. "The Europeans don't want to throw big money, but they seem to be willing to throw a little money now, knowing it's gone for good, but they don't want it to blow up right now."

New Zealand's currency may gain this week, according to five of six strategist surveyed by BusinessDesk, trading in a range of 80.50 US cents to 83.50 cents.

Speizer, who is picking a gain, said he expects the kiwi will test the top side of the range.

Traders will watch the Reserve Bank's survey of expectations tomorrow to see where New Zealand financial institutions see inflation going.

The New Zealand dollar traded at 63.57 euro cents from 63.49 cents last week and increased to 51.42 British pence from 51.36 pence. The kiwi was unchanged at 78.74 Australian cents and traded at 67.77 yen from 67.85 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news