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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news