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

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news