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

 


NZ dollar gains from two-month low

NZ dollar gains from two-month low as German investors grow pessimistic

By Paul McBeth

Aug. 13 (BusinessDesk) - The New Zealand dollar gained from a two-month low as weak German investor confidence and a standoff on the Russia/Ukraine border weighed on market sentiment.

The kiwi rose to 84.36 US cents at 8am in Wellington from 84.13 cents. The trade-weighted index increased to 79.15 from 78.99.

Asset classes were mixed with stocks on Wall Street lower, US treasury yields higher and the greenback little changed after Germany's ZEW survey showed investor confidence dropped to the lowest since December 2012, and as a Russian aid convoy was en route to Ukraine, raising fears it could be the precursor to an invasion. Bloomberg reported Ukraine plans to block the aid convoy, demanding the mission be led by the Red Cross.

"The poor (ZEW) showing likely took its cues slowing growth in Germany (and the rest of Europe), as well as an overlay of concern about the West’s standoff with Russia," Raiko Shareef, currency strategy at Bank of New Zealand, said in a note. "Once again, major currencies were little changed over the past 24 hours, with fairly light data and news flow."

BNZ's Shareef said the kiwi may trade between84 US cents and 84.90 cents today.

The local currency gained to 86.24 yen at 8am in Wellington from 87.07 yen yesterday, and was little changed at 90.94 Australian cents from 90.82 cents. It gained to 63.11 euro cents from 62.92 cents yesterday, and was little changed at 50.17 British pence from 50.20 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news