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

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news