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


NZ dollar rises touches month-high after weak US data

NZ dollar rises touches month-high after disappointing US manufacturing report

By Tina Morrison

Feb 17 (BusinessDesk) – The New Zealand dollar touched a month-high after a weaker economic report in the US dented demand for the greenback.

The kiwi touched a high of 83.85 US cents on Friday night, and was trading at 83.77 cents at 8am in Wellington from 83.64 cents at the New York close and 83.39 cents in Wellington Friday. The trade-weighted index advanced to 78.50 from 78.31 on Friday.

The US dollar weakened after a report on Friday showed US manufacturing output unexpectedly dropped during January, recording its biggest decline in more than four years as winter weather disrupted production, raising concern about the impact of harsh weather on the US economy. In New Zealand today, reports on retail sales and services sector activity are expected to show continued strength in the local economy.

“The NZD/USD rose in the face of broad USD weakness through the evening” on Friday, Kymberly Martin, markets strategist at the Bank of New Zealand, said in a note. “Today, the local focus is New Zealand’s Q4 retail sales numbers.”

BNZ expects retail sales to have expanded 1.6 percent in the fourth quarter, compared with a gain of just 0.3 percent in the previous quarter. The report is scheduled for release at 10:45am.

The BusinessNZ-BNZ PSI release, due out at 10:30am, will probably also show the sector remained firmly in expansion in January, BNZ’s Martin said.

“Combined, these results should help support the NZD/USD,” she said.

It may be a quieter trading today as the US celebrates Washington’s Birthday public holiday.

The New Zealand dollar slipped to 92.55 Australian cents from 92.69 cents on Friday, advanced to 61.14 euro cents from 60.95 cents, was little changed at 50.02 British pence from 50.07 pence and gained to 85.24 yen from 84.86 yen.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news