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


NZ dollar climbs over 83 cts on business confidence

NZ dollar climbs over 83 US cts on improving business confidence, less dour Australian capex outlook

By Paul McBeth

Feb. 28 (BusinessDesk) - The New Zealand dollar climbed back above 83 US cents after a bank survey showed local business confidence has continued to improve, and as Australian capital expenditure figures weren't as bad as investors were prepared for.

The kiwi rose to 83.15 US cents at 5pm in Wellington from 82.43 cents at 8am and 82.42 cents yesterday. The trade-weighted index advanced to 75.97 from 75.49 yesterday.

New Zealand's currency rallied after the ANZ Business Outlook showed business confidence rose to a 19-month high this month and firms were more optimistic about their own activity. It got another boost from Australian government figures which showed the fall in capital spending wasn't as sharp as people had feared. The kiwi rose to 80.90 Australian cents from 80.61 cents yesterday.

"The kiwi got a lift first on the ANZ survey, and then on the capex report," said Chris Tennent-Brown, FX economist at Commonwealth Bank of Australia in Sydney. The kiwi has been in an "82 US cents to 85 cents range over this year, and we're just staying in the middle of it."

New Zealand government figures today showed a 0.4 percent fall in building consents issued last month due to a drop in the number of apartment permits approved. Stripping out apartments, which is typically volatile, consents advanced a seasonally adjusted 9.6 percent.

The figures come ahead of tomorrow's fourth-quarter terms of trade, which is expected to show an improvement in the measure of how much imports can be bought with a fixed quantity of exports of 1.3 percent from negative 2.2 percent.

The kiwi rose to 76.78 yen from 75.75 yen yesterday after Japanese Prime Minister Shinzo Abe nominated Asian Development Bank president Haruhiko Kuroda to head up the Bank of Japan.

The local currency rose to 63.25 euro cents from 63.12 cents yesterday as investors continue to wait and see how the Italian election will play out for the rest of the region. It was little changed at 54.50 British pence from 54.55 pence yesterday.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news