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

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news