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

 


NZ dollar little changed as US manufacturing mulled

NZ dollar little changed as weaker-than-expected retail sales overshadowed by US data

Feb. 17 (BusinessDesk) - The New Zealand dollar was little changed after weaker than expected consumer spending figures failed to spook investors wary of the greenback after soft US manufacturing data last week.

The kiwi traded at 83.75 US cents at 5pm in Wellington from 83.77 cents at 8am and 83.64 cents on Friday in New York. The trade-weighted index edged up to 78.43 from 78.29 last week.

New Zealand retail sales rose 1.2 percent in the final three months of 2013, according to Statistics New Zealand, short of the 1.5 percent growth predicted in a Reuters survey of economists. Still, the kiwi didn’t fall out of favour after a manufacturing report in the US showed industrial production reported its biggest decline in more than four years as the harsh winter disrupted the world’s biggest economy.

“There’s been a number of bad-weather impacts in economic activity reflected in the data, and that’s hurting the US dollar as a consequence,” said Michael Johnson, senior trader at HiFX in Auckland. “I’m happy to be long the kiwi, which can grind higher, but it hasn’t got a million miles more in it.”

A public holiday in the US is expected to keep markets quiet during the Northern Hemisphere session.

New Zealand’s economic outlook also got a boost from the BNZ-BusinessNZ performance of services index, which showed the sector expanded at its fastest pace in six-and-a-half years in January, with new orders failing to keep up with demand.

The Reserve Bank of Australia will publish minutes to this month’s monetary policy review tomorrow, which will give traders some insight into the central bank board’s view. They kept the key rate unchanged at 2.5 percent, while removing the prospect of another rate cut. The kiwi was little changed at 92.43 Australian cents at 5pm in Wellington from 92.54 cents on Friday in New York.

The local currency traded unchanged at 85.12 yen from the New York close, and was little changed at 61.08 euro cents from 61.07 cents last week. It slipped to 49.85 British pence from 49.94 pence last week.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news