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

 


NZ dollar slips as fiscal cliff talks grind slower

NZ dollar slips as fiscal cliff talks grind slower in Washington

Dec. 21 (BusinessDesk) – The New Zealand dollar fell amid concern time is running out for politicians in Washington to avert the fiscal cliff and help prevent the world’s biggest economy falling into recession.

The kiwi dollar fell to 83.32 US cents from 83.47 cents at 5pm in Wellington yesterday. The trade-weighted index declined to 74.33 from 74.46.

Officials from President Barack Obama's administration told leaders of US business and financial-services groups that negotiations with House Speaker John Boehner have deteriorated in the last 24 hours, Bloomberg News reported, citing a person familiar with the meeting. Republicans in Congress will vote on Boehner's plan to raise taxes on incomes over US$1 million, though Obama is insisting on a US$400,000 threshold.

“The kiwi has had a stellar run in the last couple of weeks – the downside is where the risk lies,” said Michael Johnston, director of foreign exchange at HiFX. “Financial markets are still focused on the US fiscal cliff negotiations which seem to have stalled.”

The kiwi dropped yesterday after figures showed the economy grew 0.2 percent in the third quarter, half the expected pace, while historical revisions showed New Zealand suffered two recessions in the past four years. The Reserve Bank has forecast a pickup in growth for the fourth quarter.

The New Zealand dollar fell to 51.17 British pence from 51.32 pence and dropped to 62.94 euro cents from 63.09 cent. It rose to 70.31 yen from 70.16 yen after the Bank of Japan yesterday increased its asset purchase programme. The kiwi fell to 79.47 Australian cents from 79.68 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news