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

 


NZ dollar ticks up on Chinese PMI report

NZ dollar ticks up on Chinese PMI report

Jan. 24 (BusinessDesk) - The New Zealand dollar market gleaned support from a positive purchasing managers' report in China after earlier being reassured by a vote that bought time on the US debt ceiling issue.

The kiwi was at 84.32 US cents at 5pm from 84.18 US cents at 8am and 84.05 cents at 5pm on Wednesday.

News that the HSBC Flash China manufacturing PMI rose to 51.9 in January from 51.5 in December helped the kiwi off its lows in afternoon trading.

It was the fifth consecutive monthly rise in the purchasing managers' index, which is at a two-year high.

"Despite the still tepid external demand, the domestic-driven restocking process is likely to add steam to China's ongoing recovery in the coming months," Hongbin Qu, head of Asian economic research at HSBC, said.

Traders said the index was credible and any strength in the Chinese economy would be welcomed in this part of the world, given Europe's difficulties and the budget problems in the US.

However, approval of an increase to the US federal borrowing ceiling for three months took the heat out of that issue.

Otherwise traders noted that the International Monetary Fund (IMF) had trimmed its 2013 forecast for global growth to 3.5 percent from the 3.6 percent it projected in October.

"The IMF's chief economist played down concerns that easy monetary policies in advanced economies risk sparking a 'currency war', saying there had not been a major surge of capital into emerging nations," HiFX analysts said.

ASB's Jane Turner said there was a small but growing chance the Reserve Bank of New Zealand would look at using macro-prudential tools over the coming year to try to ease housing market pressures.

ASB has also tweaked its view of the next move in the official cash rate by the central bank.

"We now expect the RBNZ to leave the OCR on hold until March 2014 - this compares to our expectation of a September 2013 increase just six weeks ago at the December monetary policy statement," she said.

The kiwi topped 80.17 Australian cents from 79.78 cents at 5pm on Wednesday.
It was at 75.24 yen from 74.48 yen, 63.32 euro from 63.14 euro and 53.27 British pence from 53.09 pence.

The trade-weighted index was at 75.64 from 75.45 at 5pm on Wednesday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news