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

 


NZ dollar pares gain amid report ECB will keep rates low

NZ dollar falls from two-month high amid report ECB will keep rates low

By Suze Metherell

June 24 (BusinessDesk) - The New Zealand dollar fell from a two-month high amid speculation the European Central Bank will keep interest rates low for an extended period.

The kiwi rose as high as 87.48 US cents overnight and was trading at 87.19 cents at 5pm in Wellington, from 87.12 cents at 8am and 87.32 cents at 5pm yesterday. The trade-weighted index was little changed at 81.08 from 81.16 yesterday.

ECB president Mario Draghi told Dutch newspaper Telegraaf the central bank will continue to stimulate the regional economy until at least the end of 2016. The prospect of low European rates for longer than previously anticipated sapped demand for currencies such as the kiwi, which had been fuelled by upbeat Chinese manufacturing data yesterday.

"Yesterday we had a China PMI report which was quite strong and that caused and the Aussie and the kiwi to rise against the US, and that rise for New Zealand lasted until about 6pm yesterday and then it stopped as you had some negative news out of Europe," Imre Speizer, senior market strategist at Westpac Banking Corp said. "The kiwi still looks quite strong in the near-term, so I'd be picking it to break above 87.50."

The New Zealand dollar was little changed at 92.48 Australian cents at 5pm, from 92.50 cents yesterday, and slipped to 88.89 yen, from 89.01 yen yesterday. The kiwi was little changed at 51.23 British pence, from 51.24 pence yesterday and traded at 64.14 euro cents from 64.17 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news