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

 


NZ dollar strong against weak yen

NZ dollar strong against weak yen

Jan. 25 (BusinessDesk) - The New Zealand dollar was firm against a weak yen on a day in which Prime Minister John Key noted the benefits of a strong currency and economists reiterated that it will be strong for much of 2013.

The kiwi was at 75.67 yen at 5pm, having traded as high as 75.70 yen from 75.30 yen at 8am. That compared to 75.24 at 5pm on Thursday.

But it fell to 83.63 US cents at 5pm from 83.80 cents at 8am and 84.32 cents at 5pm on Thursday.

The focus in afternoon trading was on Bank of Japan policy meeting minutes. Reuters reported that member Koji Ishida proposed cutting the interest rate for the bank's fixed-rate market operation and other loan schemes to 0.03 percent from 0.1 percent.

That and another measure were turned down but the debate underlined the pressure the Japanese central bank is under to ease monetary policy more aggressively to help pull the economy out of deflation.

It was a contrast to Mr Key's observation that a strong NZ dollar reflected strength in the country's terms of trade.

He said that the high kiwi made goods cheaper for consumers.

His comments come as BNZ economists put an end-year target of 81.00 US cents on the kiwi, suggesting it will be high for some time.

BNZ said the liquidity being sprayed around by the big central banks around the world merely reinforced the fact that the New Zealand economy was in a better position.

The kiwi was at 80.08 Australian cents at 5pm, unchanged from its level at 8am, and down slightly from 80.17 at 5pm on Thursday.

The kiwi was at 53.02 British pence from 53.27 pence on Thursday and at 62.61 euro from 63.32.

The trade-weighted index was at 75.42 from 75.64.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news