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

 


NZ dollar at 4-month high vs. Aussie following RBNZ comments

NZ dollar at 4-month high vs. Aussie following RBNZ comments

Feb. 1 (BusinessDesk) - The New Zealand dollar rose to a four-month high against its Australian counterpart and gained against the greenback after a more upbeat assessment by the Reserve Bank yesterday stoked investors' appetite for the local currency.

The kiwi rose as high as 80.63 Australian cents and traded at 80.48 cents at 8am in Wellington from 80.31 cents yesterday. It climbed to 84.10 US cents from 83.67 cents yesterday.

Reserve Bank governor Graeme Wheeler is set to deliver a speech on improving New Zealand's economy today after holding the official cash rate at 2.5 percent and pointing at the nation's expected recovery over the coming year. The statement was interpreted by markets as more hawkish, meaning the bank is unlikely to cut interest rates, and increasing investors' appetite to invest in a stable economy.

"New Zealand is one of the few countries that have quite a positive outlook outside East Asia," said Imre Speizer, market strategist at Westpac Banking. "Outside Asian currencies and the kiwi it's hard to see where you'd want to go to make a risk-on currency trade."

The local currency was deemed to be fair value at about 83 US cents according to the Economist magazine's Big Mac index, which measures the average price of the McDonald's burger.

Australia's currency was knocked yesterday by Standard & Poor's warning the nation's economy faces a potential slow-down as the resources boom fades away.

"The kiwi does look promising, and against the Aussie dollar it looks more promising," Speizer said.

Investors will be looking at Chinese manufacturing figures and US employment data today, with local migration figures unlikely to attract much attention.

The kiwi dollar climbed to 76.81 yen at 8am in Wellington from 75.87 yen yesterday, and increased to 61.94 euro cents from 61.50 cents. It rose to 53.02 British Pence from 52.80 pence yesterday.

The trade-weighted index advanced to 75.58 from 75.06 yesterday.

(BusinessDesk

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news