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


New Zealand dollar mixed in holiday-reduced trade

New Zealand dollar mixed in holiday-reduced trade

Jan. 28 (BusinessDesk) – The New Zealand dollar was firm during the weekend but started drifting off on Monday with trading reduced by holidays in Auckland and Australia.

The kiwi was at 83.50 US cents at 8am, little changed from 83.63 cents at 5pm on Friday.

It rallied off lows during the weekend when worries about the health of European banks eased.

The euro hit an 11-month high versus the dollar on Friday after the European Central Bank said banks would pay back a greater-than-expected 137 billion euros in loans next week, a sign of strength in the financial system, Reuters reported.

“Banks are repaying money because they don’t need it. They can get it cheaper elsewhere,” one dealer said.

The kiwi fell to 62.15 euro at 8am from 62.60 on Friday.

The dealer said the focus was on the official cash rate decision by the Reserve Bank of New Zealand (RBNZ) on Thursday and payrolls data in the US later this week.

The story about fertiliser companies taking a nitrate inhibitor out of their products after it was found in milkpowder was also in the back of traders’ minds as it had been reported internationally.

The RBNZ is expected to keep the official cash rate unchanged.

“They will potentially make a comment on the kiwi and again express their frustration,” the dealer said. “But they can’t do anything.”

The impact the high kiwi is having on the manufacturing sector will also be highlighted at an inquiry into manufacturing by Opposition parties at Parliament today.

The kiwi was at 76.06 yen at 8am from 75.67 yen at 5pm on Friday.

It was at 80.24 Australian cents from 80.08 cents at 5pm on Friday and was at 53.01british pence from 53.02 pence on Friday.

The trade-weighted index was at 75.33 from 75.42.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news