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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news