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

 


NZ dollar gains as sentiment wanes after Independence Day

NZ dollar gains as traders push down greenback on return from holidays

By Tina Morrison

July 8 (BusinessDesk) - The New Zealand dollar advanced on a weaker greenback as sentiment waned after US traders returned to work following the Independence Day holiday on Friday.

The kiwi rose to 87.58 US cents at 8am in Wellington from 87.19 cents yesterday. The trade-weighted index gained to 81.49 from 81.21 yesterday.

In late afternoon trading in New York, the Dow Jones Industrial Average fell 0.37 percent, the Standard & Poor’s 500 index shed 0.42 percent, while the Nasdaq Composite Index slumped 0.72 percent. Both the Dow and the S&P 500 had ended July 3 with record closing highs, while markets were closed on July 4 for the Independence Day holiday. Some analysts are adjusting their forecasts for US interest rates following last week’s better-than-expected government jobs report

"The greenback is weaker," said Imre Speizer, senior market strategist at Westpac Banking Corp in New Zealand. "Americans came back from holidays in a pessimistic mood and pushed down interest rates, pushed down equities, pushed down their dollar."

The kiwi will probably remain in its recent 87.15 US cent to 87.85 cent range today, Speizer said.

Today, traders will be eyeing the New Zealand Institute of Economic Research second quarter survey of business opinion scheduled for release at 10am, which is expected to show some softness, Speizer said.

Reserve Bank of New Zealand governor Graeme Wheeler spoke to a business audience in Auckland this morning, and will deliver another speech tomorrow morning. The speeches won't be released publicly.

The New Zealand dollar advanced to 93.38 Australian cents from 93.14 cents yesterday ahead of the release of NAB business confidence survey for June, scheduled for 1:30pm New Zealand time.

The kiwi gained to 64.36 euro cents from 64.17 cents yesterday after a report showed German industrial output slid for a third month in May.

The local currency increased to 51.11 British pence from 50.85 pence yesterday and advanced to 89.21 yen from 89.01 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news