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

 


NZ dollar advances as investor mood turns buoyant

NZ dollar advances as investor mood turns buoyant, boosting equities and commodity currencies

By Tina Morrison

Feb 25 (BusinessDesk) – The New Zealand dollar rose to a week high against other major currencies overnight as investors felt more buoyant, underpinning stocks and commodity currencies.

The kiwi touched a week high of 83.41 US cents this morning and was trading at 83.38 cents at 8am in Wellington, from 82.77 cents at 5pm yesterday. The trade-weighted index advanced to 78.20 from 77.76 yesterday.

Investor risk appetite improved, pushing the Standard & Poor's 500 to a record high, underpinned by expectations that heavily indebted Ukraine would receive international aid, and as German business confidence climbed to the strongest level in 2 ½ years and Eurozone inflation was revised higher. Improved sentiment bolstered demand for commodity currencies such as the New Zealand and Australian dollars.

“It seems to be a global risk story,” said Peter Cavanaugh, client advisor at Bancorp Treasury Services. “The world is less scary. There’s been quite a mixed bag of data and events lately but the markets in the last 24 hours have grabbed the good stuff and anything that has been ambivalent like what is happening in the Ukraine is being viewed positively because it is progress.”

In New Zealand today, traders are awaiting the Reserve Bank of New Zealand’s latest inflation expectations survey, scheduled for release at 3pm, which may show that the two year ahead measure remains above the central bank’s 2 percent midpoint target. The measure was last at 2.34 percent.

ANZ also releases its regional trends survey for the fourth quarter at 1pm, which can be a guide to the economic growth rate.

The New Zealand dollar rose to week high of 60.70 euro cents, and was trading at 60.69 cents at 8am from 60.25 cents yesterday.

The kiwi advanced to a week high of 50.10 British pence and was trading at 50.08 pence at 8am from 49.74 pence yesterday.

The local currency touched a week high of 85.50 yen and was trading at 85.46 yen at 8am from 84.63 yen yesterday.

The New Zealand dollar weakened to 92.21 Australian cents at 8am from 92.34 cents yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news