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

 


NZ dollar rises to 2-week high vs. yen on risk appetite

NZ dollar rises to two-week high vs. yen on improved risk appetite

By Tina Morrison

Feb. 12 (BusinessDesk) – The New Zealand dollar touched a two-week high against the yen today as investor concerns about emerging markets abated and after a key address by new Federal Reserve chair Janet Yellen failed to ruffle markets.

The kiwi rose as high as 85.63 yen early this morning, and was trading at 85.43 yen at 8am from 84.78 yen at 5pm yesterday. The local currency advanced to 83.28 US cents from 83.00 cents yesterday after Yellen signalled no change to the Fed’s policy path in her testimony to Congress.

Investors are favouring higher risk assets such as the New Zealand dollar and shedding safe haven investments such as the yen as concerns fade about the outlook for emerging markets. Traders today will be eyeing the release of Chinese trade data for clues as to how the world’s second-largest economy is tracking, which could affect “risk” trades.

“The most notable move on the crosses over the past 24-hours has been the NZD/JPY,” Kymberly Martin, markets strategist at Bank of New Zealand, said in a note. “As risk appetite continues to recover, the JPY has been further shunned at the expense of the NZD and AUD.”

China is scheduled to release data on imports, exports and its trade balance today.

In New Zealand, figures are due on credit and debit card spending for January while Australia has the Westpac consumer confidence index for February.

The New Zealand dollar was little changed at 92.11 Australian cents from 92.09 cents yesterday. A report showing an improvement in Australian January business confidence and conditions yesterday should continue support for the Australian dollar and increase resistance to further moves higher for the cross rate, ANZ senior economist Mark Smith and senior FX strategist Sam Tuck said in a note.

The local currency edged up to 50.63 British pence from 50.54 pence yesterday ahead of the Bank of England’s quarterly inflation report tonight.

The kiwi touched a three-week high of 61.11 euro cents this morning and was trading at 61.05 cents at 8am from 60.73 cents yesterday ahead of a speech by European Central Bank president Mario Draghi and a report on European industrial production. The trade-weighted index advanced to 78.41 from 78.08 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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