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

 


NZ dollar firms ahead of data, US policy speech

NZ dollar firms ahead of data, US policy speech

Jan 15 (BusinessDesk) - The New Zealand dollar was testing 84 US cents in early trading after having a strong session overnight as the US dollar weakened.

The kiwi was at 83.94 US cents at 8am, up from 84.02 US cents at 5pm on Monday. It traded as high as 84.30 overnight.

Support at 83.60 cents held on Monday so the kiwi resumed its upward trend.

The NZIER Quarterly Survey of Business Opinion and a residential property market report this morning will provide fresh information on the state of the economy, but a speech by US Federal Reserve boss Ben Bernanke at the same time may be of more interest to traders.

“There have been some Fed guys speaking overnight. They are going down the line that the US economy is improving but the path is still not clear,” Stuart Ive, currency strategist at HiFx said.

That translates into a stronger kiwi purely on the basis that the Fed is going to stimulate their economy for longer potentially,” he said.

The NZIER survey was not a massive market mover but it would be noted, he said.

“All eyes will be on Bernanke today,” he said.

The kiwi was at 75.03 yen at 8am from 75.31 at 5pm on Monday. It was at 62.82 euro from 62.71 euro and at 52.25 British pence from 52.00 on Monday.

Against the Australian dollar it was at 79.51 Australian cents from 79.62 cents on Monday.

The trade-weighted index was at 75.29 from 75.32.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news