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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news