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

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news