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


New Zealand dollar hovers at 200-day moving average

New Zealand dollar hovers at 200-day moving average as traders ponder direction

By Tina Morrison

Aug. 11 (BusinessDesk) - The New Zealand dollar hovered around its 200-day moving average of 84.60 US cents as traders mull whether its 3.9 percent decline over the past month was enough.

The kiwi traded at 84.60 US cents at 8am in Wellington, from 84.56 cents at the New York close and 84.44 cents at 5pm in Wellington on Friday. The trade-weighted index advanced to 79.34 from 79.26 on Friday.

The New Zealand dollar has been in decline since touching a high of 88.35 US cents last month amid weakening commodity prices, a pause in interest rate hikes, Reserve Bank intervention threats and increased demand for the greenback. Traders are weighing the negative effects of geopolitical tensions in Ukraine and Iraq alongside signs demand may rise from China as they consider whether the kiwi may slip further.

The kiwi is "fragile", said Peter Cavanaugh, client advisor at Bancorp Treasury Services. "It really is teetering, but teetering could go one way or the other. It's moved a long way. There's potential for more, but equally it has gone a long way and the yield story remains attractive."

Even though New Zealand's central bank has paused its hiking cycle, it's still likely to hike rates one or two more times before any of the leading industrialised nations start raising interest rates, Cavanaugh said.

Today in New Zealand, data will be released on electronic card transactions for July.

The New Zealand dollar slipped to 91.19 Australian cents from 91.35 cents on Friday, weakened to 63.10 euro cents from 63.21 cents, edged up to 50.42 British pence from 50.23 pence and rose to 86.46 yen from 85.99 yen.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news