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

 


NZ dollar falls to two-week low vs yen

NZ dollar falls to two-week low vs yen as investors shun riskier assets

By Tina Morrison

May 16 (BusinessDesk) – The New Zealand dollar slid to a two-week low against the yen as investors shied away from so-called riskier currencies in favour of safe havens.

The kiwi touched 87.43 yen early this morning, its lowest level since April 29, and was trading at 87.73 yen at 8am in Wellington, from 88.43 yen at 5pm yesterday. The local currency weakened to 86.38 US cents from 86.84 cents yesterday.

The Japanese currency strengthened after reports showed lower-than-expected first quarter gross domestic product in Europe, a softer US housing market, an unexpected decline in US industrial production in April, while tensions between the Ukraine and Russia continued. Adding to demand for the yen, the nation’s first quarter economic growth exceeded forecasts.

“In times of risk aversion, the New Zealand dollar weakens and the Japanese yen strengthens,” ANZ Bank New Zealand senior economist Mark Smith and senior foreign exchange strategist Sam Tuck said in a note. “This cross is showing signs of risk aversion.”

The kiwi will probably trade between 87.25 yen and 88.25 yen today, ANZ said.

Today, Prime Minister John Key, Finance Minister Bill English and Economic Development Minister Steven Joyce are speaking to business audiences following the announcement of the 2014 budget yesterday, where the government signalled bigger fiscal surpluses in an economy seen to be growing faster than previously thought.

Traders will also be eyeing US Federal Reserve Chair Janet Yellen’s speech to the US Chamber of Commerce, scheduled shortly after 10am New Zealand time today.

The New Zealand dollar weakened to 62.99 euro cents from 63.32 cents yesterday. Euro-area GDP rose 0.2 percent in the first quarter, half as much as economists had forecast, increasing speculation the European Central Bank will add more stimulus at its meeting next month.

The kiwi slipped to 51.43 British pence from 51.77 pence yesterday, and dropped to 92.29 Australian cents from 92.61 cents. The trade-weighted index fell to 80.32 from 80.72 yesterday.

(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