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

 


NZ dollar holds gains as investors eye US recovery

NZ dollar holds gains as investors await signs of US economic recovery

By Paul McBeth

March 26 (BusinessDesk) - The New Zealand dollar held gains in local trading as a lack of hard economic data this week has investors waiting for signs of recovery in the US.

The kiwi traded at 85.83 US cents at 5pm in Wellington from 85.73 cents at 8am, up from 85.51 cents yesterday. The trade-weighted index advanced to 80.16 from 79.92 yesterday.

Traders are looking for signs of recovery in the US as the world’s biggest economy was hampered by harsh winter conditions in recent months, with next week’s non-farm payrolls report seen as the next piece of major data. A weaker than expected Richmond Fed manufacturing report weighed on the greenback in Northern Hemisphere trading, and a settling down of the tensions between Russia and western nations has encouraged investors to chase riskier assets.

“Everything is creeping higher, and it seems more like the US dollar is getting further and further behind,” said Alex Hill, head of dealing at HiFX in Auckland. “We’re waiting to see whether the US data is going to do the trick for us” by bringing down the kiwi dollar, he said.

The Reserve Bank of Australia today said low interest rates can’t support house price gains forever, and encouraged lenders to steer away from lax standards to boost profits, in its financial stability review. New Zealand’s currency was little changed at 93.55 Australian cents from 93.58 cents yesterday.

The kiwi rose to a four-month high against the euro, and was at 62.15 euro cents at 5pm in Wellington from 61.82 cents yesterday after the European Central Bank indicated it was open to injecting more stimulus into the regional economy.

The kiwi was little changed at 51.91 British pence at 5pm in Wellington from 51.84 pence yesterday, and rose to 87.78 yen from 87.50 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news