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

 


NZ dollar gains vs. euro on Europe concerns, falls vs. Aust

NZ dollar gains vs. euro on Europe concerns, falls vs. Australian dollar

Feb. 5 (BusinessDesk) – The New Zealand dollar rose against the euro as European political reports renewed concerns about the region’s debt crisis and pushed the common currency down from a two-year high against the greenback.

The New Zealand dollar rose to 62.49 euro cents from 62.03 cents at 5pm in Wellington yesterday. It traded at 84.46 US cents from 84.55 cents.

The euro weakened after a media report that Spanish Prime Minister Mariano Rajoy accepted illegal cash payments prompting calls for his resignation, while an Italian poll showed former Italy Premier Silvio Berlusconi closing the gap on election front-runner Pier Luigi Bersani, according to Bloomberg. Traders locally are awaiting labour cost data today, ahead of the key jobs data on Thursday.

“The market was extremely bulled up on the euro so it is no surprise to see some profit taking,” said Tim Kelleher, head of institutional FX sales at ASB Institutional. Today’s labour cost figures “will give some insight into wage inflation and hint at what the jobs data will be on Thursday.”

Kelleher says the kiwi dollar may trade in a range of 84.25 US cents to 84.60 cents today.

The kiwi declined to 80.88 Australian cents from 81.10 cents late yesterday, when it reached its highest in 2 ½ years. Traders are awaiting the Reserve Bank of Australia’s review of interest rates today.

The central bank is expected to keep its cash rate unchanged at 3 percent, or 50 basis points higher than New Zealand’s official cash rate, though it may also indicate the potential time frame for a rate cut in the months to come.

The New Zealand dollar fell to 77.95 yen from 78.40 yen and fell to 53.56 British pence from 53.85 pence yesterday, when it touched a post-float high of 54.11 pence. The trade-weighted index was little changed at 76.15.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news