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

 


Sellers knock NZ dollar lower in overnight trading

Sellers knock NZ dollar lower in overnight trading

Jan. 29 (BusinessDesk) – The New Zealand dollar got a kicking in overnight trading but looked to be getting up off the floor this morning.

The kiwi was at 83.13 US cents at 8am, having fallen sharply from 83.50 cents to 82.80 cents, its lowest level since January 4. It had been at 83.59 cents at 5pm on Monday at the end of a day of reduced activity due to holidays in Auckland and Australia.

It fell to be 79.89 Australian cents at 8am from 80.22 cents at 5pm on Monday.

“There’s been no major headlines. Basically some technical selling came through the 83.50 cent area and on the kiwi-aussie cross ahead of the Reserve Bank of New Zealand (RBNZ) statement this week,” said Stuart Ive at HiFX.

“It is basically market positioning,” he said.

On Monday, BNZ economists said RBNZ governor Graeme Wheeler will play things down the middle at Thursday’s official cash review, keeping the official cash rate at 2.5 percent and his rhetoric vague and open-ended.

Hifx’s Ive said some people are expecting a dovish tone from the RBNZ.

“Personally I don’t expect them to come out with too much.”

The RBNZ cash-rate review is one the same morning as a US Federal Reserve Open Market Committee statement, making Thursday a big day for markets.

A speech by Wheeler on Friday and US employment data on Saturday NZ time will round out what is expected to ultimately be busy week for markets.
.
Economists are predicting 168,000 new jobs were created in January in the US, up from 155,000 in December.

The kiwi was at 61.80 euro cents from 62.16 at 5pm on Monday. The euro had surged on Friday on hopes the financial system there is improving.

Foreign exchange dealers are also monitoring the discovery of traces of Dicyandiamide, or DCD, in New Zealand milk products and say the next Fonterra milk powder auction will be interesting next Tuesday, Feb 5.

The kiwi was at 75.47 yen from 76.13 at 5pm on Monday. It was at 52.99 British pence from 53.06 pence.

The trade-weighted index was at 74.95 from 75.34.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news