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


NZ dollar gains vs. sterling after BOE talks down currency

NZ dollar touches month-high vs. sterling after BOE talks down currency

By Tina Morrison

March 11 (BusinessDesk) – The New Zealand dollar touched a month-high against the British pound after a Bank of England official talked down the value of sterling.

The kiwi rose as high as 50.92 British pence early this morning, matching the level it reached a month ago, and was trading at 50.84 pence at 8am in Wellington from 50.56 pence at 5pm yesterday. The local currency was little changed at 84.64 US cents from 84.61 cents yesterday.

Sterling weakened after Bank of England deputy governor Charlie Bean said further appreciation of the currency may dent exports and hamper the UK’s economic recovery. The BOE isn’t alone in trying to lower the value of its currency with Australian officials recently making a concerted effort to push down the value of the Aussie to boost economic growth. Traders will be looking to New Zealand Reserve Bank governor Graeme Wheeler on Thursday to see if he comments on the elevated level of New Zealand’s currency in a meeting where he is widely expected to hike rates.

“The Bank of England’s Bean was the latest in a long line of global central bank officials to talk down their currency”, Kymberly Martin, markets strategist at Bank of New Zealand, said in a note. “In this regard, it will be interest to see what the RBNZ has in store for the NZD at this Thursday’s meeting.”

In New Zealand today, the Real Estate Institute will publish its latest figures on house sales for February about 9am. Electronic card transaction data for February will be released at 10:45am while the latest Crown accounts will be published at 10am.

In Australia, the key focus will be on the latest NAB business survey where signs of further improvement may arrest the kiwi’s climb against the Aussie. The New Zealand dollar touched a week high of 93.92 Australian cents and was trading at 93.83 cents at 8am from 93.53 cents at 5pm yesterday.

The local currency inched up to 60.99 euro cents from 60.91 cents yesterday and edged up to 87.32 yen from 87.22 yen ahead of a Bank of Japan meeting today where no change is expected. The trade-weighted index gained to 79.33 from 79.19.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news