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

 


NZ dollar holds gains after Chinese CPI as MPS looms

NZ dollar holds gains after Chinese CPI as traders look ahead to MPS

Feb. 14 (BusinessDesk) – The New Zealand dollar held its gains after Chinese inflation data came in near expectations and traders warmed to the kiwi’s fundamentals ahead of what’s expected to be an interest rate hike by the Reserve Bank next month.

The kiwi traded at 83.36 US cents, down from 83.52 cents at 8am in Wellington and up from 83.11 cents yesterday. The trade-weighted index was unchanged from yesterday at 78.28.

Consumer prices in China rose 2.5 percent in January from a year earlier, just above the 2.4 percent pace forecast in a Bloomberg survey but not enough to prompt economists to revise their take on the biggest market for New Zealand and Australia. At home, the Reserve Bank releases its monetary policy statement on March 13 and is expected to hike the official cash rate by a quarter point to 2.75 percent

“The kiwi has got a modest upward bias,” said Imre Speizer, senior market strategist at Westpac Banking Corp. “It’s not a screaming buy but clearly there is a good, positive backdrop in New Zealand.”

He said the kiwi “could have a go at punching above 84 US cents in the next week or so and if it does, the currency could reach 86 cents around the time of the MPS next month.

“Any moves until then will be from offshore,” he said, adding that a rate hike by the Reserve Bank was “largely priced in.”

The New Zealand dollar traded at 92.69 Australian cents, down from 92.89 cents yesterday. The kiwi advanced to 50.05 British pence from 49.98 pence.

The kiwi was little changed at 60.94 euro cents from 61.01 cents yesterday and was little changed at 84.82 yen.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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