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

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news