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

 


NZ dollar falls vs. A$ ahead of Aust business confidence

NZ dollar drops below 94 Aust cts ahead of Australian business confidence report

By Tina Morrison

Jan. 28 (BusinessDesk) – The New Zealand dollar dropped below 94 Australian cents overnight as investors await a report on Australian business confidence later today.

The kiwi slipped to 93.98 Australian cents at 8am in Wellington, from 94.25 cents at 5pm yesterday ahead of the NAB Business Confidence survey scheduled for release at 1:30pm New Zealand time. The local currency was little changed at 82.29 US cents.

The New Zealand dollar has advanced 17 percent against its Australian counterpart in the past year as a reviving local economy contrasts with a slowdown in Australia. Investors will be looking to see if Australian business confidence rebounded in December after a decline in November.

“Focus across the Tasman will be on the NAB business confidence survey,” Kymberly Martin, markets strategist at Bank of New Zealand, said in a note. “Consumer confidence has been losing ground in recent months, so the RBA will be hoping business confidence remains solid and translates into better investment spending in 2014.”

In November, Australian business confidence slipped one point to 5 while business conditions remained weak at -3.

Still, a strong reading will be needed for December to impact the cross rate, ANZ Bank said in a note.

Traders will also be keeping an eye today on Prime Minister John Key’s policy statement to the house at 2pm today as Parliament resumes after the summer break, ANZ said.

The New Zealand dollar edged up to 84.46 yen from 84.32 yen yesterday as concerns over emerging markets dissipated after the Central Bank of the Republic of Turkey called an extraordinary meeting to help settle the Turkish lira. Investors favour the yen in times of uncertainty.

The kiwi was little changed at 60.19 euro cents from 60.14 cents yesterday after a positive German IFO business confidence survey yesterday pointed to momentum in Europe’s largest economy.

The local currency dropped to 49.65 British pence from 49.86 pence yesterday ahead of the first reading of UK fourth quarter growth tonight.

The UK economy is forecast to have expanded 0.7 percent in the quarter, taking annual growth to 2.8 percent, marking the first year when the UK economy has grown in every quarter since the financial crisis struck in 2007.

The trade-weighted index was little changed at 77.93.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news