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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news