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

 


NZ dollar heads for 1.2% gain on TWI as economy grows

NZ dollar heads for 1.2% gain on TWI as economy grows, speculation on Fonterra payout

March 22 (BusinessDesk) - The New Zealand dollar is heading for a 1.2 percent weekly gain on a trade-weighted basis after figures showed the economy grew at almost twice the Reserve Bank's expected pace in the fourth quarter and amid talk Fonterra Cooperative Group may hike its payout next week.

The kiwi rose to 76.46 on the trade-weighted index at 5pm in Wellington from 76.16 yesterday. It gained to 83.12 US cents from 82.73 cents yesterday, and is heading for a 0.6 percent weekly gain.

The local currency rallied after government figures yesterday showed gross domestic product grew 1.5 percent in the three months ended Dec. 31, almost twice the Reserve Bank's expectations. That comes as investors wait for Fonterra's first half earnings next week, which are expected to include an increase in the forecast payout to farmers as drought saps the domestic supply of dairy products.

"The kiwi's firmed a little and might go up a bit," said Imre Speizer, market strategist at Westpac Banking. "It fell below 83 US cents a few weeks ago, and now it knocking back on the door" of the higher range, he said.

Speizer said the currency may rally against the Australian dollar after a "stonking GDP." It rose to 79.80 Australian cents from 79.67 cents yesterday.

Markets will keep watching for any movement in Cyprus on a potential bailout package as the Mediterranean nation threatens the rest of the European Union. The local currency gained to 64.43 euro cents from 63.87 cents yesterday.

The kiwi slipped to 79.01 yen from 79.31 yen yesterday, and increased to 54.80 British pence from 54.67 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news