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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news