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

 


NZ dollar gains vs. yen, pound on BOJ report, UK rate cut

NZ dollar gains vs. yen, pound on BOJ speculation, UK rate cut

Feb. 25 (BusinessDesk) – The New Zealand dollar rose against the yen on reports the favoured candidate for Bank of Japan governor is the most aggressive in terms of reviving the world’s No. 3 economy. The kiwi gained against the British pound after the UK’s credit rating was cut.

The New Zealand dollar rose to 78.83 Japanese yen from 78.19 yen in late New York trading on Friday and gained to 55.29 British pence from 55.08 pence. It fell to 83.56 US cents from 83.73 cents.

Japanese newspapers and Reuters reported over the weekend that Prime Minister Shinzo Abe’s favoured BOJ candidate is Asian Development Bank chief Haruhiko Kuroda, who reportedly shares Abe’s desire for greater efforts to stimulate the economy, including weakening the currency. Moody’s Investors Service cut the UK’s credit rating to Aa1 from Aaa, weighing on the pound and stoking fears other AAA sovereigns may be at risk.

Kuroda is “more aggressive that the other guys, in line with Abe’s plan to fire up the economy,” said Imre Speizer, senior markets strategist at Westpac Banking Corp. “That’s why dollar-yen has risen.”

The UK rate cut weighed on the pound and also hurt risk sentiment because of the prospect that “some other Aaa ratings may be at risk,” Speizer said.

The trade-weighted index slipped to 76.40 from 76.50.

The kiwi dollar fell to 63.15 euro cents from 63.51 cents. It fell to 81.06 Australian cents from 81.17 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news