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

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news