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

 


NZ dollar slips in light trading after Chinese services data

NZ dollar slips in light trading as Chinese services growth slows

By Paul McBeth

Jan. 6 (BusinessDesk) - The New Zealand dollar slipped as slowing growth in China’s services sector surprised investors in light trading today.

The kiwi fell to 82.56 US cents at 5pm in Wellington from 82.81 cents at 8am and 82.72 cents on Friday in New York. The trade-weighted index declined to 78.15 from 78.32 last week.

Stocks across Asia fell in Monday afternoon trading after the HSBC/Markit services sector Purchasing Managers' Index fell to 50.9 in December from 52.5 in the previous month. That’s the slowest pace of expansion in six months. China’s Shanghai Composite Index was down 2 percent at 5pm in Wellington, while Japan’s Nikkei 225 index fell 1.9 percent and Australia’s S&P/ASX 200 index dipped 0.5 percent.

“China’s service PMI was quite a drop from the previous month and the market ran and sold Aussie and kiwi,” said Imre Speizer, market strategist at Westpac Banking Corp in Auckland. “That was in thin liquidity, but we did get a small negative surprise.”

Northern Hemisphere trading rooms will start getting back to full strength when they open today after the Christmas and New Year disruptions, and Westpac’s Speizer expects the local currency will find support this week as investors look to take advantage of New Zealand’s projected interest rate hikes.

A BusinessDesk survey of 11 traders and strategists predicts the kiwi may trade between 81.20 US cents and 84.50 cents this week, with US employment figures likely to be the major event on Friday in Washington. Nine expect the currency to rise while one says it will be unchanged and one expects a decline.

The kiwi fell from a six-year high 86.90 yen earlier today, trading at 86.70 yen at 5pm in Wellington, unchanged from the New York close.

The New Zealand dollar fell to 92.27 Australian cents from 92.52 cents on Friday in New York, and slipped to 60.78 euro cents from 60.90 cents last week. It traded at 50.45 British pence from 50.42 pence on Friday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news