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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news