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

 


NZ dollar advances as risk sentiment improves

NZ dollar advances as risk sentiment improves, luring investors to equities, kiwi

By Tina Morrison

Feb. 21 (BusinessDesk) – The New Zealand dollar advanced as risk sentiment improved, turning investors’ attention to high risk assets such as equities and the local currency.

The kiwi advanced to 82.78 US cents at 8am in Wellington from 82.57 cents at 5pm yesterday. The trade-weighted index was 77.86 from 77.83 yesterday.

Wall Street rose after a gauge of US manufacturing climbed to the highest level in nearly four years, easing concern that weakness in recent data meant the recovery in the world's largest economy was losing steam. The New Zealand and Australian currencies advanced even after weaker-than expected Chinese manufacturing figures yesterday raised concern about the strength of the regional economy.

“They both got sold heavily yesterday on the back of the China data and overnight you had a positive risk sentiment vibe going on so that pushed equities higher and risk-seeking came back in and that’s why they bought some Aussie and the kiwi,” said Westpac Banking Corp senior market strategist Imre Speizer. “Short term it’s not going to persist much more than this.”

Speizer expects the local currency may test 82.50 US cents.

New Zealand’s Treasury department will today release the latest monthly crown financial statements at 10am.

In Australia, G20 finance ministers and central bank governors are meeting in Sydney.

The New Zealand dollar slipped to 92.14 Australian cents from 92.26 cents yesterday.

The local currency advanced to 60.37 euro cents from 60.03 cents yesterday and rose to 49.71 British pence from 49.51 pence ahead of the release of UK retail sales data.

The kiwi gained to 84.70 yen from 84.14 yen yesterday ahead of the release of the Japanese central bank minutes from its last meeting.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news