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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news