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

 


NZ dollar sheds gains amid reports of North Korean nuke test

NZ dollar sheds gains amid reports of North Korean nuke testing

Feb. 12 (BusinessDesk) - The New Zealand dollar shed gains in local trading amid fears seismic activity in North Korea may be the result of nuclear testing, a prospect likely to spook investors.

The kiwi fell to 83.45 US cents at 5pm in Wellington from 83.78 cents at 8am and up from 83.28 cents yesterday. The trade-weighted index rose to 76.01 from 75.54 yesterday.

The Australasian currencies dipped after media reports cited the US Geological Survey noting seismic disturbances near the sites of North Korea's two previous nuclear sites - areas with little or no history of earthquakes.

"Reports of nuclear testing in North Korea can often makes things happen," said Chris Tennent-Brown, FX economist at Commonwealth Bank of Australia in Sydney. "We don't know whether that's to blame, but nothing else has happened."

The kiwi gained against most currencies in Northern Hemisphere trading after a contender for Bank of Japan chief said he favoured more stimulus and Bundesbank chief Jens Weidmann scotched comments that the euro is overvalued.

The local currency jumped to 78.66 yen from 77.02 yen yesterday and was little changed at 62.32 euro cents from 62.27 cents.

Imre Speizer, market strategist at Westpac Banking in Auckland, said the New Zealand's dollars run against the greenback probably needs new upbeat economic news to break it out of its recent trading range.

"We need growth to start around the world to move up to the next level," he said.

Speizer said the kiwi has been trading on the cross-rates relative to the performance of the respective economies, rather than global sentiment that groups so-called risk-sensitive currencies together.

The New Zealand dollar gained to 81.45 Australian cents at 5pm in Wellington from 80.89 cents yesterday, and rose to 53.34 British pence from 52.72 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news