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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news