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

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news