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

 


NZ dollar weakens on risk aversion, yen also weak

NZ dollar weakens on risk aversion, yen also weak

Jan. 25 (BusinessDesk) – The New Zealand dollar is lower on Friday morning after risk aversion rose on concerns about nuclear testing by North Korea, but it rose against a weak Japanese yen.

The kiwi was at 83.80 US cents at 8am, down from 84.32 cents at 5pm on Thursday. After touching 84.40 cents yesterday it has fallen as low as 83.70 cents.

“It was a night punctuated by Japanese yen weakness and a bit of risk aversion coming out of North Korea,” Alex Hill, strategist at HiFX said.

There was a big selloff in the yen after a Japanese politician said Japan was happy with the yen at current levels and spoke about it potentially weakening further.

The kiwi rose to 75.30 yen at 8am from 75.24 at 5pm on Thursday. It has been as high as 75.50 in recent trading.

“There has been a selloff in kiwi and aussie on threats of more nuclear testing in North Korea,” Mr Hill said.

“It was a decent excuse for a sell-off anyway.”

Comments by Reserve Bank of Australia board member Heather Ridout that the Australian economy will require active management to cope with the slowing mining boom and high Australian dollar upped the ante in the rate-cut debate in Australia.

The kiwi was at 80.08 Australian cents at 8am from 80.17 at 5pm on Thursday.

Today the focus is on the release of Japanese monetary policy minutes early this afternoon New Zealand time.

Government accounts for the six months to December are being released in New Zealand in the morning.

US unemployment claims data released last night was slightly below expectation but the focus was Asia overnight.

The kiwi was at 53.09 British pence from 53.27 pence on Thursday and at 62.69 euro from 63.32.

The trade-weighted index was at 75.47 from 75.64.

BusinessDesk

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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