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

 

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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