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

 


NZ dollar gains after weak Aussie inflation figures

NZ dollar gains after weak Aussie inflation figures

Jan. 23 (BusinessDesk) - The New Zealand dollar firmed against the Australian dollar after a weaker-than-expected inflation report increased the chances of a an official interest rate cut by the Reserve Bank of Australia.

The kiwi was at 79.78 Australian cents at 5pm, up from 79.53 Australian cents at 8am.

The aussie dollar weakened on news that the headline consumers price index rose 0.2 percent to an annual rate or 2.2 percent, which was less than the 0.4 percent quarterly rise for an annual rate of 2.4 percent expected by traders.

The next Reserve Bank of Australia cash rate announcement is on Feb 5. The central bank watches an average of two underlying inflation measures - the trimmed mean and weighted median - in the data series.

The market was now assessing the chances of a rate cut in February at 36 percent, up from 32 percent before the report, Joe Capurso, currency strategist at Commonwealth Bank of Australia, said.

The kiwi was at 84.05 US cents at 5pm, up marginally from 84.04 US cents at 8am and little changed from 83.99 cents at 5pm on Tuesday.

It weakened further against the Japanese currency, 74.48 yen from 75.17, was at 63.14 euro from 62.93 and 53.09 British pence from 52.99.

The trade-weighted index was at 75.45 from 75.34.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news