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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news