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

 


NZ dollar tests lower end of range in thin Monday trade

NZ dollar tests lower end of range in thin Monday trade

Jan. 21 (BusinessDesk) - The New Zealand dollar fell to test of the bottom end of a recent range in trading reduced by a public holiday in Wellington.

The kiwi was at 83.60 US cents at 5pm, down from 83.69 US cents at 8am and changed from 83.54 cents at 5pm on Friday. It sank as low as 83.32 cents in early afternoon trading.

Dealers said the Australian dollar was weaker and investors were cautious while the Bank of Japan considered monetary policy, with a statement due on Tuesday NZ time, and Australian inflation figures due on Wednesday.

"I think there is just a little bit of profit-taking. There is not a lot of trading and kiwi is just testing the lower end of its recent range," Alex Sinton, senior dealer at ANZ, said.

The kiwi may trade in a range of 81.80 cents to 84.70 cents this week, according to a BusinessDesk survey of four traders and strategists.

It was at 74.95 yen at 5pm from 75.34 at 8am and 75.18 on Friday.

"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," Stuart Ive at HiFX said.

All 23 economists in a Bloomberg News survey expect the central bank to expand asset purchases at a two-day meeting that starts today.

"Most of what they unveil tomorrow will have been priced into the yen and if anything we might get some yen buying once the news is out with people taking profit on short-yen positions," Imre Speizer, senior markets strategist at Westpac, said.

"Kiwi-yen is really extremely over-bought technically and it's really screaming that it needs to correct at least a few yen," he said.

The kiwi was at 79.50 Australian cents at 5pm from 79.42 cents at 5pm on Friday, with predictions last week from National Australia Bank that the Reserve Bank of Australia will loosen monetary policy up to three times this year.

It was 62.77 euro from 62.41 euro and 52.69 British pence from 52.27.
The trade-weighted index was at 75.19 from 75.25.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news