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

 


NZ dollar firms on US vote, traders await Chinese data

NZ dollar firms on US vote, traders await Chinese data

Jan. 24 (BusinessDesk) – The New Zealand dollar firmed slightly on approval of a temporary increase in the US debt ceiling, which came after a mixed session overnight.

The kiwi was at 84.18 US cents at 8am, up from 84.05 cents at 5pm. It traded as high as 84.41 cents overnight.

News that the US House of Representative voted on Wednesday US time to approve an increase to the nation's US$16.4 trillion borrowing ceiling for three months moved the kiwi from about 84.10 cents to 84.22 cents in morning trading here.

Without the vote, the US Treasury would not have had enough money to pay all of its obligations by late February, raising the risk of a default.

“I would have thought kiwi would have moved more than that,” Imre Speizer, senior markets strategist at Westpac, said.

With the US vote out of the way the focus has turned to the HSBC Purchasing Managers' Index report from China, due at 2.45pm NZT.

“These things have been ticking higher. I’d expect it to continue and help the kiwi upwards,” Speizer said
.
Otherwise traders noted that the International Monetary Fund had trimmed its 2013 forecast for global growth to 3.5 percent from the 3.6 percent it projected in October.

But it forecast a 4.1 percent expansion in 2014.

Europe's markets had closed before the US vote after absorbing mixed corporate earnings but Wall Street rose following the vote.

Strong earnings reports from IBM and DuPont also helped sentiment.

The kiwi was at 79.80 Australian cents, little changed from 79.78 cents at 5pm on Wednesday.

It was at 74.57 yen from 74.48 yen, and at 63.21 euro from 63.14 euro. It rose to 53.15 British pence from 53.09 pence.

The trade-weighted index was at 75.47 from 75.45

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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