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

 


NZ dollar consolidates after falling late last week

NZ dollar consolidates after falling late last week

Jan 14 (BusinessDesk) - The New Zealand dollar nudged higher on Monday after falling late last week and a test of higher levels is in prospect this week if data is supportive.

The kiwi was at 84.02 US cents at 5pm, up from 83.71 US cents at 8am but still down from 84.25 US cents at 5pm on Friday.

The NZIER business confidence survey and a residential property market report on Tuesday morning will provide fresh information on the state of the economy, as will Friday’s December quarter inflation statistics.

A 0.3 percent rise in retail card spending in December revealed by Statistic New Zealand on Monday did nothing to alter ASB’s view that the official cash rate will remain on hold until December 2013.

“A trend of gradually improving retail spending poses little concern to the Reserve Bank’s inflation outlook,” Daniel Smith, an economist at ASB Institutional said.

Traders are waiting to see if buyers re-emerge after a sell-off in the kiwi dollar late last week while keeping a wary eye on commodity prices and the performance of US banks due to report this week.

Imre Speizer at Westpac said the NZ dollar reversed from 84.61 late last week on profit-taking and after an above-expectation inflation report form China dampened expectations of a future stimulus.

He noted that the Tianjin iron ore price also fell 2.1 percent, halting a 37 percent rally since December 1.

“Fedspeak tonight from Bernanke and other doves should attract attention,” he said.

US Federal Reserve boss Ben Bernanke is giving his first public speech since December’s FOMC notes were released.

The trade-weighted index fell to 75.32 from 75.61 on Friday.

The kiwi ran up late in the day to 75.31 yen from 74.95 on Friday. It was at 62.71 euro from 63.56 on Friday and unchanged from Friday at 79.62 Australian cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news