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

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news