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

 

Budget Building Battle: Bill English Blames Council On Housing

The Nation: Finance Minister blames Auckland Council for housing shortage, saying it is responsible for land, housing and infrastructure supply in the city, while government provides rental subsidies... More>>

ALSO:

Megiaglommeration: NZME And Fairfax Apply For Authorisation To Merge

The Commerce Commission has received an application from Wilson and Horton Limited (trading as NZME) and Fairfax NZ Limited seeking authorisation to merge their media operations in New Zealand. More>>

ALSO:

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news