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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Sweet Health: Sugary Drinks Banned From Hospitals And Health Boards

All hospitals and DHBs are expected to kick sugary drinks out of their premises. University of Auckland researcher, Dr Gerhard Sundborn who also heads public health advocacy group “FIZZ”, says he welcomes the initiative. More>>


NASA: Evidence Of Liquid Water On Today's Mars

Using an imaging spectrometer on MRO, researchers detected signatures of hydrated minerals on slopes where mysterious streaks are seen on the Red Planet. These darkish streaks appear to ebb and flow over time. More>>


Bird Brains: Robins Can Just Be Generally Clever

Research from Victoria University of Wellington has revealed that birds may possess a ‘general intelligence’ similar to humans, with some individuals able to excel in multiple cognitive tests. More>>


Psa-V: Positive Result On Whangarei Kiwifruit Orchard

Kiwifruit Vine Health (KVH) has received a Psa-V positive test result on Hort16A and male vines on a kiwifruit orchard in Whangarei. This is the first confirmed case of Psa-V on an orchard in the Whangarei region. More>>

Regional Accents: Are Microbes The Key To Geographical Differences In Wine?

A new study of six of New Zealand’s major wine-growing regions has found that differences in flavour and aroma of wine from different areas may depend more on microbes than was previously thought. More>>


Science: AgResearch To Cut Science Staff In Areas Of 'Reduced Demand'

“We are therefore consulting with our staff from today on a proposal to reduce science staff in areas of shrinking demand. Combined with recruitment planned in areas of growing demand, this would mean a net reduction of 15 scientists and 41 technicians at AgResearch in the 2015/16 year." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news