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

 


NZ dollar starts the week quietly due to holiday weekends

NZ dollar starts the week quietly due to holiday weekends

Jan. 21 (BusinessDesk) - New Zealand dollar trading got off to a slow start on Monday due to the regional holiday in Wellington and Martin Luther King holiday weekend in the US.

The kiwi was at 83.69 US cents at 8am, little changed from 83.54 cents at 5pm on Friday. It fell on Friday after weaker-than-expected December quarter consumers price index data implied interest rates aren't going to rise for a long time.

"There was position-squaring ahead of the long weekend on Friday and we've obviously got the Bank of Japan (monetary policy statement) this week," said Stuart Ive at HiFX.

The kiwi was at 75.34 yen at 8am, up from 75.18 on Friday and it is expected to be a big week for that cross with the BoJ statement due on Tuesday afternoon New Zealand time.

"What we expect to see from the Bank of Japan is them adding further stimulus to their economy. In the last week the yen has weakened considerably," Ive said.

The kiwi is expected to have an upward bias this week, moving toward 84.20 US cents, while having support at 83.30 cents.

"The local economic calendars are empty and there is a US holiday, probably making today a quiet one for markets," Imre Speizer, senior markets strategist at Westpac, said.

He said risky assets were under pressure in London. Traders also weighed a disappointing earnings report from Intel against news that US Republicans proposed a three-month debt ceiling in return for spending cuts.

The kiwi was at 79.58 Australian cents at 8am from 79.42 cents at 5pm on Friday.

It was 62.86 euro from 62.41 euro and 52.70 British pence from 52.27.
The trade-weighted index was at 75.34 from 75.25.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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