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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news