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

 


NZ dollar holds near 3-week low heading into Christmas break

NZ dollar holds near 3-week low heading into Christmas break

Dec. 23 (BusinessDesk) - The New Zealand dollar held near its lowest in more than three weeks heading into the Christmas break and was weaker against the Australian dollar while not moving outside its recent trading range.

The kiwi was at 81.97 US cents from 82.05 cents at the start of the day and from 82.09 cents in New York on Friday. The currency traded at 91.77 Australian cents, little changed from 8am, having touched as low as 91.62 cents in New York.

The New Zealand dollar is heading into year-end little changed against the greenback from where it started 2013, with its most dramatic movement being a 15 percent advance against the Australian dollar on evidence the local economy is outpacing its trans-Tasman counterpart. Reports last week continued to show New Zealand's economy on a tear with growth at the fastest quarterly pace in almost four years and business confidence at the highest in almost 15 years.

“What we are seeing is people tidying up their books for the Christmas period, it’s the last throw of the dice, there is no data today,” said Stuart Ive, senior adviser at OMF. “The kiwi remains on an upside bias and I don’t see that changing in the near future.”

Trading was generally subdued across Asia, with Japan closed for the Emperor’s Birthday, Ive said.

The local currency dropped to 85.30 yen from 85.66 yen after the Bank of Japan kept its key interest rate unchanged and indicated the pace of bond purchases would remain the same in 2014.

The New Zealand dollar weakened to 59.97 euro cents from 60.15 cents on Friday even after Standard & Poor’s cut the European Union's rating, citing weaker cohesion among members and a deteriorating financial profile.

The kiwi was little changed at 50.18 British pence from 50.13 pence on Friday after revisions to UK GDP showed the economy is growing faster than previously estimated. The trade-weighted index slipped to 77.50 from 77.74 in Wellington Friday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Consents And Taxes: Trustpower 'very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news