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

 


NZ dollar eases from highs vs. pound, on TWI as data ebbs

NZ dollar eases from highs vs. pound, on TWI basis as data flow ebbs

Feb. 18 (BusinessDesk) – The New Zealand dollar fell from record highs on a trade-weighted basis and against the pound on speculation it may have run too hard after a string of strong economic figures.

The kiwi dollar traded at 54.40 British pence, little changed from late New York trading on Friday and down from a post-float high of 55.08 pence at the end of last week in Wellington. The trade-weighted index fell to 76.78 from 76.83 in New York and down from a 77.46 in Wellington. The currency was at 84.37 US cents from 84.46 cents in New York.

The kiwi dollar extended a week of gains on Friday when figures showed retail sales grew 2.1 percent in the fourth quarter, beating forecasts and underlining the relative strength of the New Zealand economy. It ran out of steam during European and US trading and weakened slightly against the yen today after the Group of 20 nations decided not to single Japan out over its weak currency.

“The kiwi went too far, too fast on Friday,” said Tim Kelleher, head of institutional FX sales at ASB Institutional. “There was a bit of profit taking.” With little economic data locally of note this week, the currency “may drift sideways.”

The New Zealand dollar slipped to 81.88 Australian cents from 81.95 cents in New York on Friday and may fall with Australia’s currency after an opinion poll showed declining support for Prime Minister Julia Gillard.

The kiwi fell to 78.87 yen from 79 yen and was little changed at 63.19 euro cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news