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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news