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

 

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>


Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news