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

 


NZ dollar holds at elevated levels ahead of new data

NZ dollar holds at elevated levels as traders await new data for direction

By Tina Morrison

June 30 (BusinessDesk) - The New Zealand dollar is little changed at elevated levels as traders await new data in the coming week to provide direction.

The kiwi was at 87.75 US cents at 8am in Wellington, unchanged from the New York close and from 87.79 cents at 5pm on Friday in Wellington. The trade-weighted index was little changed at 81.50 from 81.52 on Friday.

New Zealand's trade-weighted currency index hit a record high on Friday and the kiwi touched a three-year high against the greenback as investors shunned the US dollar on concern that interest rates in the world's largest economy may stay low for an extended period, compared with New Zealand where the central bank is expected to continue to hike rates over the coming year following three rises already this year.

"Given that the TWI hit a post-float high, and the New Zealand dollar is higher across the board, it's been a good week and really it's a case of waiting for the next shove to push it to carry on this rise," said Peter Cavanaugh, client adviser at Bancorp Treasury Services. "The reasons that lifted the New Zealand dollar last week haven't gone away and once we step into the new quarter, they are probably more relevant, particularly this global hunt for yield."

Bancorp's Cavanaugh said some investors may be rejigging their portfolios at the end of the financial quarter, although this wasn't as notable for currencies as it was for other asset classes.

Today, traders will be eyeing data on building consents for May, scheduled for release at 10:45am, and the ANZ Business Outlook survey of June business sentiment at 1pm.

At 3pm, the Reserve Bank releases May data on lending to households secured by residential mortgages.

The New Zealand dollar was little changed at 93.15 Australian cents from 93.07 cents on Friday, and edged lower to 64.30 euro cents from 64.45 cents, to 51.49 British pence from 51.53 pence and to 89.02 yen from 89.07 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news