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

 


NZ dollar gains after Putin changes tack on Ukraine

NZ dollar gains after Putin changes tack on Ukraine, Australian GDP beats expectations

By Paul McBeth

March 5 (BusinessDesk) - The New Zealand dollar rose after investors regained some confidence when Russian President Vladimir Putin toned down his rhetoric over the Crimean Peninsula, and after Australia’s economy grew more than expected in the fourth quarter.

The kiwi rose to 83.94 US cents at 5pm in Wellington from 83.73 cents at 8am, up from 83.64 cents yesterday. The trade-weighted index increased to 78.87 from 78.60 yesterday.

Stocks across Asia followed Europe and Wall Street higher after Russia’s Putin told a news conference he saw no need to use military force in Ukraine’s Crimea region for now. The prospect of an invasion sapped investors’ appetite for risk-sensitive assets.

“The market might try to take it (the kiwi) a bit more to the upside, but it depends on Mr Putin in the near-term,” said Imre Speizer, market strategist at Westpac Banking in Auckland. “I’ve got a slightly positive bias overall.”

Westpac’s Speizer said traders will be watching US employment figures on Friday in Washington, and they may be weather-affected by the harsh winter conditions. A softer US labour market would support the kiwi against the greenback, he said.

Australia’s economy grew 0.8 percent in the December quarter, ahead of the 0.7 percent growth forecast, as households increased spending and cut saving in a low interest rate environment. The kiwi traded at 93.70 Australian cents at 5pm in Wellington from 93.67 cents yesterday.

New Zealand government figures showed local construction activity shrank 1 percent in the December quarter as commercial work tapered off, while residential house-building remained strong.

Dairy prices fell 4 percent on a trade-weighted basis, with a 5.7 percent slide in the price of whole milk powder on Fonterra Cooperative’s GlobalDairyTrade auction.

The local currency climbed to 85.76 yen at 5pm in Wellington from 84.98 yen yesterday, and advanced to 61.13 euro cents from 60.91 cents. It increased to 50.35 British pence from 50.21 pence yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news