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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news