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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news