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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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