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

 


NZ dollar hits 3-year high vs British pound

NZ dollar hits 3-year high vs British pound amid Brexit uncertainty

By Tina Morrison

June 28 (BusinessDesk) - The New Zealand dollar hit a three-year high against the British pound amid continued uncertainty about the outlook for the UK following that country's vote to leave the European Union.

The kiwi touched 53.67 British pence overnight, its highest since May 2013, and was trading at 53.02 pence at 8am in Wellington, from 52.72 at 5pm yesterday. The local currency dropped to 70.08 US cents from 70.65 cents yesterday.

The British pound slumped to a 31-year low against the US dollar as turbulence in currency markets continued after the UK voted late last week to exit the EU. The vote has caused political turmoil in the UK, sparking the resignation of Conservative Prime Minister David Cameron, as well as many Labour MPs, and revived calls for Scotland to separate from the UK. The UK's formal separation plan remains uncertain amid concerns that other EU countries may also split from the union.

"The markets remain a cauldron of volatility as lack of clarity on the resolution of Brexit continues to weigh heavy on financial assets," Boris Schlossberg, managing director of foreign exchange strategy BK Asset Management in New York, said in a note. "With both UK major parties in turmoil over the Brexit vote the political situation in the UK remained highly uncertain only adding to the volatility in the marketplace."

The New Zealand dollar was little changed at 95.33 Australian cents, from 95.32 cents yesterday. The local currency declined to 63.61 euro cents from 64.14 cents, weakened to 71.51 yen from 71.75 yen, slid to 4.6590 yuan from 4.6902 yuan. The trade-weighted index dropped to 75.54 from 75.89.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news