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


NZ dollar holds above 70 US cents in quiet trading

NZ dollar holds above 70 US cents in quiet trading

By Rebecca Howard

Dec. 22 (BusinessDesk) - The New Zealand dollar held above 70 US cents as investors continued to take heart from yesterday's upwardly revised gross domestic product numbers.

The kiwi traded at 70.19 US cents as at 3pm in Wellington from 70.07 cents yesterday. The trade-weighted index was at 73.83 from 73.75.

The local currency got a lift yesterday when Statistics New Zealand's revisions to the GDP painted a solid economic picture as they indicated growth was materially higher over the past three years. While US dollar sentiment improved after sweeping tax cuts were passed by Congress this week, the kiwi held its gains in very light trading ahead of the Christmas holiday.

Tim Kelleher, head of institutional foreign exchange sales at ASB Bank said trading was very quiet and the kiwi "is just sort of poised about where it is going to go to the in New Year and it would need to get above 71 US cents to even consider it going higher." He expects light trading to continue now over the holiday period.

The kiwi was steady against the Aussie after it fell overnight on some strong offshore interest in the Australian dollar. It traded at 90.97 Australian cents from 90.96 Australian cents as at 8am in Wellington and 91.39 cents late yesterday.

The kiwi traded at 79.55 yen from 79.46 yen yesterday and 4.6192 yuan from 4.6018 yuan. It lifted to 59.27 euro cents from 59.04 cents and traded at 52.49 British pence from 52.42 pence.

New Zealand’s two-year swap rate was steady at 2.19 percent and the 10-year swaps slipped 1 basis point to 3.14 percent.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>


Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>


Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>