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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news