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

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news