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

 


NZ dollar unsettled by sell-off in London

NZ dollar unsettled by sell-off in London

Jan 16 (BusinessDesk) - The New Zealand dollar was under pressure in early trading after being sold-off overnight in London.

The kiwi was at 83.93 US cents at 8am, little changed from 83.94 cents at 5.25pm on Tuesday. But it slumped from 84.19 cents to about 83.75 cents before recovering in overnight trading.

There appeared to have been a large kiwi-euro flow in London trading, Tim Kelleher, head of institutional FX sales at ASB Institutional said.
"Kiwi has failed three or four times now above 84.25 cents so it is looking a bit heavy," he said.

Traders ultimately decided that US Federal Reserve chairman Ben Bernanke did not say anything particularly new in a speech yesterday.

There was a general tone of "risk-off" in the market this morning, Mr Kelleher said.

"There has been talk of Fitch downgrading the US and the European Central Bank is saying the exchange rate is too high. It's been a fairly active start to the day already," he said.

There is little local data due today and traders are looking ahead to Australian employment data on Thursday and Consumer Price Index data in New Zealand on Friday.

The kiwi was little changed at 62.91 euro and was at 52.19 British pence at 8am, down slightly from 52.26 pence on Tuesday.

It was at 74.40 yen, down from 75.20 yen and was at 79.41 Australian cents from 79.70 on Tuesday.

The trade-weighted index was at 75.21 from 75.42.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news