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

 


NZ dollar little changed vs. Oz dollar as rate reviews loom

NZ dollar little changed vs. Oz dollar as RBA, RBNZ rate reviews awaited

Dec. 3 (BusinessDesk) - The New Zealand dollar was little changed against the Australian dollar amid expectations the Reserve Bank of Australia will cut its benchmark interest rate this week while New Zealand’s central bank will keep rates unchanged, narrowing the premium offered across the Tasman.

The New Zealand dollar traded at 78.59 Australian cents from 78.65 cents in New York on Friday. The kiwi traded at 82.04 US cents from 81.98 cents on Friday.

The Reserve Bank of Australia will cut its cash rate a quarter point to 3 percent tomorrow, ahead of economic growth figures for the third quarter on Wednesday expected to show the economy held to its 0.6 percent expansion. The Reserve Bank of New Zealand releases its monetary policy statement on Thursday, the first under new governor Graeme Wheeler, who will keep rates unchanged even in the face of weaker third-quarter data, economists predict.

“A sluggish local economy certainly gives the bank reason to sound more dovish relative to September,” said Mike Jones, strategist at Bank of New Zealand.

Helping support both the Australian and New Zealand dollars, China’s official PMI was released over the weekend, with a stronger-than-expected reading of 50.8, showing manufacturing in the biggest and second-biggest market for Australian and New Zealand is picking up pace.

The kiwi dollar rose to 67.66 yen from 67.58 yen while the trade-weighted index rose to 73.45 from 73.39. The New Zealand dollar rose to 63.22 euro cents from 63.10 cents and traded at 51.24 British pence from 51.21 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news