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

 


NZ dollar falls as some traders take profits near 84 US cts

NZ dollar gives up gains as some traders take profits near 84 US cents

Jan. 3 (BusinessDesk) – The New Zealand dollar, which soared along with stocks on Wall Street and in Europe on the US fiscal cliff deal, gave up some of its gains as traders sold the currency as it neared 84 US cents.

The kiwi dollar recently traded at 83.16 US cents from 83.73 cents in Asian trading yesterday, having reached as high as 83.92 cents overnight. It was at 82.76 cents before news of the deal in Washington came through. The trade-weighted index fell to 74.46 from 74.98.

US Treasuries sold off and equity markets on both sides of the Atlantic rallied on the first day of trading in 2013, buoyed by a US budget agreement that eliminated tax increases and spending cuts that might have tipped the world's biggest economy into recession.

“There’s clearly some profit taking kicking in,” Richard Franulovich, a senior currency strategist at Westpac Banking Corp in New York. “There’s no specific kiwi-negative news.”

The kiwi dollar may not fall much further, with “solid demand” from 81.50 US cents, he said.

The local currency hasn’t exceeded 84 US cents since Dec. 19. It didn’t move much after dairy product prices rose 2 percent in the first GlobalDairyTrade auction of 2013, recovering losses through the tail-end of last year.

The New Zealand dollar slipped to 79.10 Australian cents from 79.87 cents and rose to 72.30 yen from 73.02 yen. It eased to 51.08 British pence from 51.20 pence and was little changed at 63.02 euro cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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