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

 

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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