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

 


NZ dollar little changed as US growth eyed

NZ dollar little changed as traders wait for more signs of US recovery

By Paul McBeth

Aug. 13 (BusinessDesk) - The New Zealand dollar was little changed as traders await more signs of an accelerating US economic recovery at a retreat for central bank governors.

The kiwi traded at 84.23 US cents at 5pm in Wellington from 84.36 cents at 8am, and 84.13 cents yesterday. The trade-weighted index was little changed at 79.04 from 78.99 yesterday.

The local currency bounced back from a two-month low yesterday after traders failed to break through a major resistance level at 84 US cents in thin trading. New Zealand relatively high interest rates have limited its decline over the past month, and investors are hoping to get firmer guidance on when the Federal Reserve will move away from running a zero interest rate policy at next week's central banker symposium in Jackson Hole, Wyoming.

"Some definitive guidance from Fed officials on whether rates will rise earlier rather than later, people want to see that," said Raiko Shareef, currency strategist at Bank of New Zealand in Wellington. "We really are in a holding pattern - we've had a really strong US dollar run into late July and early August, and that's petered out of late."

Weak Chinese credit figures weighed on the Shanghai Composite Index, which was down 0.6 percent in afternoon trading, though that didn't seep into currency markets, Shareef said.

Traders will continue to watch the tensions between Ukraine and Russia and their impact on market sentiment. Ukraine plans to block a Russian aid convoy unless certain conditions are met, fearing the 280 trucks may be carrying weapons to pro-Russian military separatists.

The local currency increased to 86.13 yen at 5pm in Wellington from 85.98 yen yesterday, and was little changed at 90.76 Australian cents from 90.82 cents. It edged up to 63.02 euro cents from 62.92 cents yesterday, and was little changed at 50.13 British pence from 50.20 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news