Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

NZ dollar gains vs. Aussie after federal election

Monday 04 July 2016 08:43 AM

NZ dollar gains vs. Aussie as federal election leaves neither major party with clear majority

By Jonathan Underhill

July 4 (BusinessDesk) - The New Zealand dollar gained against its Australian counterpart after the federal election across the Tasman left neither major party with a clear majority as the final count is awaited.

The kiwi dollar rose to 96.04 Australian cents from 95.55 cents on Friday in New York. It traded at 71.58 US cents, little changed from 71.62 cents at the end of last week.

Prime Minister Malcolm Turnbull, who gambled on a double-dissolution election to seek a clearer mandate, suffered a swing to Labor at the weekend with 78.8 percent of the vote counted. The coalition won 65 seats to Labor's 71 with six not yet determined, and six going to minor parties. Counting resumes tomorrow, with 76 seats needed for a clear majority, otherwise, Australia has a hung parliament. The Australian dollar dropped to 74.47 US cents from 74.92 cents on Friday.

"The uncertainty about the result for the next few days and potential for a hung parliament will likely see the AUD under a bit of downward pressure at the start of the week," said Kymberly Martin, senior market strategist at Bank of New Zealand. The week was likely to get off to a subdued start with US markets closed on Monday for the Independence day holiday, she said in a note.

The kiwi was little changed at 53.96 British pence from 53.99 pence on Friday in New York, to remain near the highest in more than two years. Theresa May, the Conservative frontrunner to replace David Cameron as British prime minister, said she would delay any Brexit move until next year and her short-term focus would be to unify the Conservatives and the country.

The trade-weighted index slipped to 76.57 from 76.63 at the end of last week. The kiwi fell to 4.7628 yuan from 4.7654 yuan and was little changed at 73.41 yen from 73.45 yen. It traded at 64.28 euro cents from 64.35 cents.

(BusinessDesk)

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.