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

 


NZ dollar gains from 3-month low before Australian GDP, MPS

NZ dollar gains from 3-month low before Australian GDP, MPS

By Jonathan Underhill

June 3 (BusinessDesk) - The New Zealand dollar gained from a three-month low on speculation the kiwi will benefit along with the Australian dollar from what is expected to be stronger Australian economic growth data tomorrow.

The kiwi traded at 84.57 US cents at 5pm in Wellington from as low as 84.37 cents at the start of the day and from 84.68 cents late yesterday. The New Zealand dollar slipped to 91.29 Australian cents from 91.36 cents at 8am and from 91.45 cents yesterday.

Figures tomorrow will show the Australian economy expanded 1.1 percent in the first quarter, based on a Westpac Banking Corp forecast. That may help lift the Australian dollar and drag the kiwi up with it. Australia's central bank today kept its cash rate at a record low 2.5 percent while noticing some additional signs of growth in the economy of New Zealand's second-largest market. By contrast, the Reserve Bank of New Zealand is expected to hike its official cash rate to 3.25 percent at next week's monetary policy statement.

"A bit of a pop higher in the Aussie should carry the kiwi along with it," said Robert Rennie, Westpac's chief currency strategist in Sydney. "In the New Zealand economy, we're seeing lower dairy and business confidence but still record-breaking migration and that's an important part of the story. I'm not totally convinced that kiwi-Aussie continuing to fall into the MPS is totally valid."

The trade-weighted index slipped to 79.10 from 79.16 and didn't move much after government figures showed the terms of trade edged closer to an all-time high in the first quarter as dairy products led a gain in export prices and petroleum products led import prices lower.

The kiwi was little changed at 62.16 euro cents from 62.14 cents at the start of the day and edged lower to 50.50 British pence from 50.57 pence. It gained to 86.53 yen from 86.38 yen the previous day.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news