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

 


NZ dollar gains as Chinese trade data beats estimates

NZ dollar gains as Chinese trade data beats estimates, Yellen fails to scare markets

By Jonathan Underhill

Feb. 12 (BusinessDesk) - The New Zealand dollar rose along with its Australian counterpart after trade figures from China beat estimates, stoking optimism that demand in the two nations’ biggest market isn’t wavering.

The kiwi rose to 83.50 US cents from 83.28 US cents at the start of the day and from 83.00 cents yesterday. The trade-weighted index rose to 78.51 from 78.41 at 8am and 78.08 yesterday.

China’s exports rose 10.6 percent in January from a year earlier while imports rose 10 percent, for a trade surplus of US$31.9 billion, the biggest for that month since 2009. China, the world’s second-largest economy, is the biggest buyer of New Zealand’s dairy products and wood and the largest market for Australia’s mineral resources.

“More of our milk powder and other things are going to China and better trading there is better for us,” said Imre Speizer, senior market strategist at Westpac Banking Corp. “It’s good for the currency.”

The kiwi dollar gained early in the day and stocks rose on Wall Street after new Federal Reserve chair Janet Yellen signalled no change to the Fed's policy path in her testimony to Congress. The fed’s massive stimulus programme would be wound back in “measured steps”, she said. The recovery in the US jobs market was “far from complete.”

“She sprung no real surprises,” Imre said. “She’s an extension of what we’ve had over the last few years with Bernanke. Equity markets probably rallied more on her consistency than anything else.”

The currency didn’t move much after New Zealand figures showed kiwis spent less on their credit and debit cards in January, snapping three months of gains, with apparel showing the sharpest decline.

The New Zealand dollar was little changed at 92.13 Australian cents from 92.09 cents yesterday. It traded at 50.71 British pence from 50.54 pence yesterday and rose to 61.20 euro cents from 60.73 cents. The kiwi climbed to 85.50 yen from 84.78 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news