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

 


NZ dollar little changed amid lack of economic data

NZ dollar little changed amid lack of economic data to inspire movement

By Tina Morrison

Feb. 24 (BusinessDesk) – The New Zealand dollar was little changed as no new data surprised currency markets over the weekend.

The kiwi was almost unchanged at 82.80 US cents at 8am in Wellington from 82.79 cents at the New York close and 83.03 cents at 5pm in Wellington on Friday. The trade-weighted index slipped to 77.84 from 78.02 on Friday.

Traders said no controversy emerged from the meeting of finance ministers and central bankers from the Group of 20 leading economies meeting in Sydney over the weekend. Finance Minister Bill English was quoted by Reuters as saying the resilience of the New Zealand dollar is a “puzzle” and while its strength has been a significant headwind for the country’s export sector, it has also helped improve competitiveness of business.

“There was no exciting data over the weekend, particularly from the US,” said Bancorp Treasury Services senior advisor Peter Cavanaugh. “The markets are waiting for a reason to do something and at the moment they haven’t got anything.”

Cavanaugh said he expects the kiwi to trade in narrow ranges today until new information emerges to provide direction.

“We are just in the doldrums, waiting for the wind to pick up in whatever direction it does,” he said.

In New Zealand today, credit card billings for January will be released by the Reserve Bank at 3pm.

Tonight, traders will be eyeing Germany’s IFO survey of business for February and the final reading of Eurozone inflation for January.

The New Zealand dollar slipped to 92.24 Australian cents from 92.37 cents on Friday, weakened to 60.29 euro cents from 60.53 cents, was little changed at 49.81 British pence from 49.87 pence and dropped to 84.84 yen from 85.10 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

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:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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