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

 

Planes: Jetstar Launches Regional Network With $9 Fares, Five Routes

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news