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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news