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.

BusinessDesk


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

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:

Scoop Business: ComCom Charges Hawkins’ Finance Companies Over Debt Recovery

The Commerce Commission has filed criminal proceedings against two finance companies run by former 1980s high-flyer Allan Hawkins over their debt recovery practices. More>>

ALSO:

Science Media Centre: The Big Science Stories Of 2014

It was a dramatic year for science, one that witnessed a severe outbreak of Ebola in West Africa and an historic mission to land a space probe on a comet. On the home front... headlines with animal testing for 'legal highs', 1080 use to tackle increased pest numbers and court action over genetically modified organisms among the most-covered stories. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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