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

 


NZ dollar follows A$ higher after upbeat business confidence

NZ dollar follows A$ higher after upbeat business confidence; central banks loom

By Paul McBeth

Jan. 28 (BusinessDesk) - The New Zealand dollar followed its Australian counterpart higher after an upbeat business confidence survey across the Tasman, and ahead of the Reserve Bank and Federal Reserve meetings later this week.

The kiwi rose to 82.73 US cents at 5pm in Wellington from 82.29 cents at 8am and 82.22 cents yesterday. The kiwi slipped to 94.06 Australian cents from 94.25 cents yesterday.

Australian business conditions improved on rising sales and profitability in December, matching increasing optimism among firms across the Tasman, according to National Australia Bank’s monthly survey. That helped lift the Australian dollar, which traded at 87.88 US cents at 5pm in Wellington from 87.30 cents yesterday, and spilled over into support for the kiwi.

The survey came ahead of the US central bank’s monetary policy review on Wednesday in Washington, which is expected to show the Fed further trimming its monthly asset purchases, and New Zealand’s Reserve Bank review on Thursday in Wellington, where markets are divided on whether governor Graeme Wheeler will lift the official cash rate or wait until March.

The Australasian currencies have tested the bottom of recent ranges in the past few days, “opening up room on the downside for potential US dollar strength on Thursday morning,” said Alex Hill, head of dealing at HiFX in Auckland. “We could have something real in terms of risk, and that could have quite a big effect.”

A bout of risk aversion among investors eased today with gains in Turkey’s lira and South Korea’s won after fears over emerging markets surfaced last week after weaker than expected Chinese manufacturing figures.

Official figures today showed profits earnings by Chinese industrial firms rose 6 percent in December from a year earlier, slowing from a 9.7 percent annual pace of growth in November.

The kiwi climbed to 84.93 yen from 84.24 yen yesterday, and advanced to 60.48 euro cents from 60.11 cents. It was little changed at 49.78 British pence from 49.85 pence yesterday. The trade-weighted index gained to 78.20 from 77.88.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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