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

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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