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

 


Kiwi Crunch on the Radar!

Media Release

Mar 12, 2014


Kiwi Crunch on the Radar!

AUD/NZD


Up/Down punters with leading Australasian financial market-maker WhichWay.com are gearing up to plunge record bet numbers on the Kiwi Dollar against the Aussie either side of tomorrow morning’s critical RBNZ Interest Rate decision.

With almost all of the cash rate market pricing in a 25 point rate hike tomorrow morning from the NZ Central Bank, punters have already started betting up on the Kiwi as it rose against a slumping Aussie dollar in early morning action today!

The AUD’s slow recovery - after slumping to 1.05800 around 7am (AESDT) this morning from around 1.06600 NZD through the middle of yesterday – was snapped minutes ago when the monthly Westpac Consumer Confidence survey fell 0.7% from 100.2 last month to 99.5 in an eight-month low!

The Aussie Dollar immediately fell back from 1.06080 to 1.05940 against the Kiwi.

“Up/Down punters successfully bet down last night on the AUD/NZD pair; but as the Aussie claws back some ground, we are expecting record volumes over the next 24 hours through the Cash Rate announcement and subsequent Monetary Policy Statement from the NZ Reserve,” WhichWay’s Analyst and Media Chief Neil Evans said.


“The Kiwi/Aussie continues to be one of the heaviest bet and traded currency pairs for #Forex and #Up/Down players, and there appears to be a ‘positioning’ pattern from our clients to say the Kiwi Dollar could surge again if the expected quarter per cent rate hike to 2.75% arrives!”

Evans said the latest financial polling had around 90 per cent pricing in a rate increase, with many forecasting multiple increases throughout 2014.

“Cash Rate markets were seemingly set on a March hike once it was clear heading into the February decision the Reserve would sit on its hand for a further month, and NZ home owners are reportedly now fixing their mortgage rates in much bigger numbers,” he added.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news