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

 


NZ dollar drifts lower in thin overnight trading

NZ dollar drifts lower in thin overnight trading as US markets closed

By Tina Morrison

Feb 18 (BusinessDesk) – The New Zealand dollar drifted lower overnight in thin trading as US markets were closed for a public holiday.

The kiwi fell to 83 59 US cents at 8am in Wellington from 83.72 cents at 5pm yesterday in light trading during the Presidents’ Day holiday. The trade-weighted index was unchanged at 78.40.

“Over a largely quiet overnight session, the New Zealand dollar drifted lower along in tandem with the Australian dollar, with no clear drivers at play,” Bank of New Zealand currency strategist Raiko Shareef said in a note. “The Reserve Bank of Australia (board) minutes are due this afternoon, which may provide some direction for the New Zealand dollar.”

The Australian dollar has strengthened about 3 percent against the US dollar so far this month as the RBA dropped its bias towards easing interest rates and softened its comments about the strength of the nation’s currency. New information from the minutes may be limited because the central bank released its Statement of Monetary Policy last week.

The New Zealand dollar advanced 92.51 Australian cents from 92.44 cents yesterday ahead of the release of the February minutes at 1:30pm.

In the US, the main focus tonight will be the New York Empire manufacturing survey and the National Association of Home Builders housing sentiment index.

“Any weakness would lead to US dollar selling,” ANZ Bank senior economist Mark Smith and senior FX strategist Sam Tuck said in a note.

The kiwi slipped to 60.95 euro cents from 61.05 cents and advanced to 50.02 British pence from 49.85 pence ahead of the release of the UK’s January inflation figures.

The New Zealand dollar rose to 85.17 yen from 85.03 yen yesterday after a report showed Japan’s economy grew at an annual 1 percent pace in the final quarter of 2013, less than the 2.8 percent pace expected, boosting speculation the central bank may add more stimulus which weakens the currency. Still, the Bank of Japan isn’t expected to change policy when it meets today, ANZ said.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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