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

 


NZ dollar slips as better US economic data buoys greenback

NZ dollar slips as better US economic data buoys greenback

By Tina Morrison

Aug. 29 (BusinessDesk) - The New Zealand dollar slipped as the US dollar edged up following better-than-expected US economic data which lifted optimism about a recovery in the world's largest economy.

The kiwi weakened to 83.82 US cents at 8am in Wellington, from 83.91 cents at 5pm yesterday. The trade-weighted index was at 79.01 from 79.06 yesterday.

The US dollar index, which measures the greenback against a basket of currencies, rose overnight after a report showed the US economy expanded at a 4.2 percent annual rate in the second quarter, ahead of a previous estimate of 4 percent and the fastest pace since the third quarter of 2013. Meanwhile, separate reports on the labour market and the housing sector also pointed to a recovery in the US.

"The US dollar found support from the second read of US GDP, which contained positive revisions," ANZ Bank New Zealand senior economist Mark Smith and senior foreign exchange strategist Sam Tuck said in a note. " We expect NZD/USD to remain under pressure from both New Zealand and US data releases."

The kiwi will likely trade between 83.30 US cents and 84.20 cents today, ANZ said.

In New Zealand today, data on building permits for July will be published at 10:45am, and the ANZ business confidence survey is released at 1pm.

"Today's data will provide insights on how well the New Zealand economy is faring, while the Chicago purchasing managers survey and Michigan confidence (released in the US today) should continue to support the US dollar," ANZ said. "We continue to favour declines (in the kiwi) on US dollar optimism."

The New Zealand dollar edged up to 63.57 euro cents from 63.50 cents yesterday ahead of data on European inflation today.

The kiwi edged lower to 89.58 Australian cents from 89.65 yesterday, was little changed at 50.52 British pence from 50.55 pence, and dropped to 86.89 yen from 87.04 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news