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

 

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news