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

 

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news