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

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

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>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news