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

 


NZ dollar trades in tight range ahead of CPI data

NZ dollar trades in tight range ahead of CPI data

Jan 18 (BusinessDesk) - The New Zealand dollar was confined in a narrow range ahead of the release of the December quarter consumer price index (CPI) this morning.

The kiwi was at 84.10 US cents at 8am, up from 83.93 US cents at 5pm on Thursday.

“It traded in a 40 point range at best overnight ,” Mike Jones, from the sales team at BNZ said.

There was potential for the CPI data to set the market alight, particularly if inflation was low, he said.

The market is expecting a 0.1 percent rise in the CPI, taking the annual rate to 1.2 percent.

The Reserve Bank of New Zealand (RBNZ) is also expecting a 0.1 percent rise in the quarter and inflation is expected to remain at the bottom of the Reserve Bank of New Zealand's 1 to 3 percent target band during the coming year, according to economists.

Imre Speizer, senior market strategist at Westpac, said a small negative number could have negative psychological connotations, which would undermine the local currency.

The kiwi rose on Wednesday after disappointing employment data undermined the Australian dollar, increasing the case for an interest rate cut in Australia.

In New Zealand, the central bank is expected to keep the official cash rate unchanged until the end of the year.

The kiwi is generally expected to rise against the Australian dollar in coming months. It was at 79.73 Australian cents at 8am, slightly down from the 79.86 cents at 5pm on Thursday.

The kiwi was at 75.59 yen at 8am from 74.11 yen at 5pm on Thursday. It was at 62.86 euro from 63.19 euro and at 52.57 British pence from 52.48 pence.

The trade-weighted index was at 75.50 from 75.40.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

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