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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hepatitis A Link: Increased Surveillance Of Imported Frozen Berries

The Ministry for Primary Industries (MPI) Director General has issued a statement warning of a potential risk associated with imported frozen berries following four human cases of Hepatitis A thought to be linked to packaged imported frozen berries. More>>


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news