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

 


NZ dollar falls vs. greenback, yen as risk appetite ebbs

NZ dollar falls vs. greenback, yen as risk appetite ebbs, commodities fall

Feb. 22 (BusinessDesk) – The New Zealand dollar declined against the greenback and the yen as equities markets and commodities fell and figures showed the US economy is still growing only weakly.

The kiwi dollar fell to 83.17 US cents from 83.42 cents at 5pm in Wellington yesterday. The local currency sank to 77.36 yen from 77.97 yen.

The Thomson Reuters/Jefferies CRB Commodity Index fell 1.1 percent yesterday while Solid Energy’s weak finances underlined the damage caused by falling prices of coal. Stocks declined in Asia yesterday and continued into Europe, where manufacturing and services were weak, and the US, where jobless claims rose, consumer prices flatlined and the Philadelphia Fed’s business index dropped.

“That makes a combination of things that are risk-off” for the kiwi, said Tim Kelleher, head of institutional FX sales at ASB Institutional.

The trade-weighted index fell to 76.09 from 76.22.

The kiwi gained to 63.12 euro cents from 62.90 cents as weak euro-zone data saw the euro broadly weaker against its trading peers. The local currency fell to 54.55 British pence from 54.83 pence. The Australian dollar slipped to 81.33 Australian cents from 81.49 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news