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

 

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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