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

 


NZ dollar rises to 13-month vs. Euro, TWI at fresh record

NZ dollar rises to 13-month vs. Euro, TWI at fresh record

By Tina Morrison

July 11 (BusinessDesk) - The New Zealand dollar touched a 13-month high against the euro overnight as traders favour investing in a country with a more buoyant economy than Europe.

The kiwi reached 64.93 euro cents, its highest since June 2013, and was trading at 64.83 cents at 8am in Wellington from 64.64 cents at 5pm yesterday. The local currency was little changed at 88.21 US cents from 88.20 cents yesterday, just shy of its post-float high of 88.40 cents.The trade-weighted index touched a fresh record of 81.97 from 81.91 yesterday.

The euro weakened on concerns about the vulnerability of the region's economy after fears about missed debt payments at one of Portugal's biggest banks spread to other economies in the region, forcing Greece to scale back its plans for its second debt sale following its 2012 default. Also weighing on the euro, a report showed Italian industrial production unexpectedly dropped in May, the biggest slump in the euro area's third-largest economy since November 2012. By contrast, New Zealand's currency is strengthening as investors are attracted to the higher yield offered by rising interest rates in a buoyant economy.

"It is mainly through the strength of the kiwi and slight weakness in the euro overnight - the kiwi is on a high and not showing any sign of weakness yet," said James Davies, senior dealer, foreign exchange, at OMF. "The trend is high but the kiwi is in rarefied air up here and certainly represents value for importers, so you could see some real money flows out of the kiwi and into foreign currencies at levels like this."

In New Zealand today, the latest monthly food price index is released at 10:45am.

The New Zealand dollar touched a fresh three-month high against the Australian dollar overnight as the Aussie weakened after a report yesterday showed higher-than-expected Australian unemployment. The kiwi touched 94.12 Australian cents, its highest level since March 23, and was trading at 93.84 cents at 8am in Wellington, from 93.82 cents at 5pm yesterday.

The local currency edged up to 51.47 British pence from 51.42 pence yesterday and slipped to 89.38 yen from 89.55 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