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

 


NZ dollar pares gain after Australian exports data

NZ dollar pares gain after Australian exports data disappoints

By Paul McBeth

Jan. 7 (BusinessDesk) - The New Zealand dollar pared gains in local trading after figures showed Australian exports were flat in November, disappointing investors who were hoping for growth.

The kiwi traded at 82.60 US cents at 5pm in Wellington from 83 cents at 8am and little changed from 82.56 cents yesterday. The trade-weighted index was little changed at 78.18 from 78.14.

Australia’s trade deficit narrowed to A$118 million in November from a shortfall of A$358 million a month earlier, and was smaller than expectations due to a drop in imports. Flat export figures in the month pushed the Australian dollar down to 89.26 US cents at 5pm in Wellington from 89.55 cents before the release, which weighed on the kiwi. New Zealand’s currency rose to 92.50 Australian cents at 5pm in Wellington from 92.26 cents yesterday.

“The market didn’t like the make-up of the data with exports unchanged,” said Stuart Ive, senior adviser at OMF in Wellington. “The kiwi went up to a peak at 83 against the US dollar, but couldn’t hold on to those gains, taking a correction once the Australian trade balance figures came out.”

OMF’s Ive said the kiwi has support at 82.50 US cents and faces resistance at 83.05 cents.

Weaker than expected US services sector data yesterday pushed down the greenback, though investors are largely waiting for American jobs figures on Friday in Washington for direction on the pace of the Federal Reserve’s withdrawal of monetary stimulus.

The US Senate today confirmed Janet Yellen as the next chair of the Fed, and she’ll replace Ben Bernanke after he completes his term at the end of this month.

The kiwi dollar traded increased to 86.36 yen at 5pm in Wellington from 86.18 yen yesterday and slipped to 60.62 euro cents from 60.77 cents. It was little changed at 50.37 British pence from 50.45 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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