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

 


NZ dollar falls to 3-week low vs. yen on growth concerns

NZ dollar falls to 3-week low vs. yen on global growth concerns

By Tina Morrison

May 20 (BusinessDesk) – The New Zealand dollar touched a three-week low against the yen as investors retreated to the haven of the Japanese currency on concerns global growth may be slowing.

The kiwi dropped as far as 87.29 yen early this morning and was trading at 87.42 yen at 8am in Wellington, from 87.60 yen at 5pm yesterday. The local currency slipped to 86.18 US cents from 86.34 cents yesterday.

The yen advanced to its strongest level against the US dollar in three months as US Treasury yields declined, signalling uncertainty about the outlook for US growth. Benchmark interest rates are at record lows in most major economies and the outlook for growth remains uncertain with the European Central Bank expected to provide further stimulus next month and softness emerging in China.

“The Japanese yen continues to strengthen, with some analysts pointing to percolating concerns about softer global growth and inflation,” Bank of New Zealand currency strategist Raiko Shareef said in a note. “The implication is that the Japanese yen benefits from a safe haven bid.”

The New Zealand dollar advanced to 92.42 Australian cents, from 92.28 cents yesterday after Standard & Poor’s was quoted in the Australian Financial Review saying the credit rating agency may “reconsider” Australia’s AAA rating unless substantial cuts are made to the deficit in coming years.

Australia’s central bank will publish the minutes from its last meeting at 1:30pm New Zealand time today where it is expected to reiterate interest rates will remain on hold. RBA assistant governor, financial markets, Guy Debelle is also scheduled to address a business lunch.

The kiwi fell to 62.88 euro cents from 63 cents yesterday and edged lower to 51.25 British pence from 51.32 pence. The trade-weighted index weakened to 80.17 from 80.27 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news