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

 


NZ dollar may face volatility as investors eye Iraq violence

NZ dollar may face volatility as investors eye escalating violence in Iraq

By Tina Morrison

June 16 (BusinessDesk) - The New Zealand dollar could decline amid volatile trading on investor concern about escalating violence in Iraq.

The kiwi was little changed at 86.68 US cents at 8am in Wellington from 86.61 cents at the New York close and 86.66 cents at 5pm in Wellington on Friday. The trade-weighted index edged up to 80.79 from 80.68 on Friday.

Brent crude oil rose to its highest in nine months on Friday as violence spread in Iraq where Prime Minister Nouri al-Maliki is seeking to regain territory held by the breakaway al-Qaeda group, the Islamic State in Iraq and the Levant, known as ISIL, whose advance put in doubt al-Maliki’s rule over a unified Iraq. The conflict threatens output in OPEC’s second-biggest crude producer. The US has dispatched an aircraft carrier to the Persian Gulf as President Barack Obama weighs options to help Maliki repel ISIL attacks.

"We are in for a rough few days with the Iraqi situation," said Martin Rudings, senior advisor at OMF. "It's a quiet start but people will be looking at the newswires and waiting for any headlines on any skirmishes that start there or any move in by the US. The kiwi is probably vulnerable to some volatility on the downside."

In New Zealand today, the Real Estate Institute is scheduled to publish its latest house price statistics for May and releases are also due on the Performance of Services Index and consumer confidence.

The New Zealand dollar was little changed at 64 euro cents from 63.92 cents on Friday, at 51.04 British pence from 51.09 pence, at 92.21 Australian cents from 91.99 cents and at 88.42 yen from 88.31 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news