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

 

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:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

"Don’t Give Up":
End Of Kick-Start Hits KiwiSaver Enrolments

ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news