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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news