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

 


NZ dollar firm as focus turns to Australian CPI data

NZ dollar firm as focus turns to Australian CPI data

Jan. 23 (BusinessDesk) – The New Zealand dollar is firmer ahead of Australian inflation data and after the Bank of Japan came out with an open-ended stimulus programme.

The kiwi was at 84.04 US cents at 8am, up from 83.99 cents at 5pm yesterday.

It fell to 74.51 yen, from 75.17 yen at 5.20pm on Tuesday after the Bank of Japan disclosed monetary policy initiatives.

The yen appreciated overnight, turning around a recent trend of weakness.

The kiwi would have fallen more on the yen cross if it had not been firm against the US dollar.

“The Bank of Japan delivered all the things expected but the negative was that they said that the asset purchases don’t start to January next year. The timing was a disappointment,” Imre Speizer, senior market strategist at Westpac said.

The central bank has been stimulating the Japanese economy by purchasing assets in in dribs and drabs.

“Now they have outlined a timetable and it continues forever until the economy improves -- and that is a powerful thing -- but we don’t get it for another year,” Speizer said.

The market is now focused on a core measure of inflation in the December quarter Australian consumers price index report, due out today.

“We are expecting a stronger number than market. Maybe people jumped on that theme,” Mr Speizer said.

The market expectation is for the core measure to rise by 0.65 percent in the December quarter.

A strong core inflation number would dampen expectations for a rate cut in Australia in February.

The kiwi was at 79.53 Australian cents at 8am, down from 79.79 cents at 5pm on Tuesday.

It was at 63.09 euro from 62.93, and 52.94 British pence from 52.99.

The trade-weighted index was at 75.41 from 75.34

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news