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

 


NZ dollar little changed on light data flows

NZ dollar little changed as light data flow keeps investors on the sidelines

By Paul McBeth

Feb. 26 (BusinessDesk) - The New Zealand dollar was little changed as a light data week keeps investors wary of testing recent ranges.

The kiwi traded at 83.27 US cents at 5pm in Wellington from 83.32 cents at 8am and 83.33 cents yesterday. The trade-weighted index was 78.16 from 78.20 yesterday.

Traders remained wary of breaking recent ranges in the middle of a week with little new data, ahead of US Federal Reserve chair Janet Yellen’s testimony before legislators on Friday and US employment figures next week. An exceptionally harsh winter is weighing on US economic output.

Investors are also awaiting the Reserve Bank of New Zealand’s policy expected move to start raising interest rates at the March 13 monetary policy statement.

“The market is suffering from an acute lack of local data after the G20 at the start of the week,” said Stuart Ive, a senior client adviser at OMF in Wellington. “I don’t think the kiwi’s going to significantly go too far either way at the moment.”

US new home sales data for January will attract some attention when they are released, though the winter conditions are expected to have dented turnover in the month.

The kiwi edged up to 92.44 Australian cents from 92.33 cents yesterday after federal government figures showed Australia’s total value of construction fell 1 percent in the final three months of 2013, largely due to weak residential building.

Investors will be watching Australia’s capital expenditure data tomorrow for an update on how the resources sector is travelling.

The local currency slipped to 85.24 yen from 85.42 yen yesterday, and was little changed at 60.60 euro cents from 60.66 cents. It traded at 49.93 British pence from 50 pence yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news