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


NZ dollar rises to 3-week high

NZ dollar rises to 3-week high as President Xi speech awaited, trade war fears abate

By Jonathan Underhill

April 10 (BusinessDesk) - The New Zealand dollar rose, touching a three-week high overnight, as fears of a trade war between the US and China dissipated and as investors await a speech from Chinese president Xi Jinping that may include references to the standoff with the US.

The kiwi traded at 73.05 US cents as at 8am in Wellington, and rose as high as 73.23 cents, from 72.93 cents late yesterday. The trade-weighted index was at 75.09 from 75.04.

China has come into focus ahead of Xi's speech and after Bloomberg reported that the nation is considering a gradual depreciation of the yuan as it prepares to respond in its trade spat with the US. That comes after US officials including Treasury Secretary Steven Mnuchin tried to play down the threat of a trade war and amid reports that North Korean leader Kim Jong Un is prepared to discuss denuclearisation of the Korean Peninsula.

"Market sentiment began the week on a positive note, seeing a rebound in US equities, a nudge higher in UST yields and the NZD outperform, while the USD is weaker across the board," said Jason Wong, currency strategist at Bank of New Zealand, in a note. On Xi's speech, "the market will be taking a greater interest to see what he says about the US-China trade dispute."

The kiwi rose to 4.6047 yuan from 4.5939 yuan late yesterday. It traded at 94.91 Australian cents from 94.84 cents and at 51.69 British pence from 51.74 pence. The kiwi fell to 59.29 euro cents from 59.42 cents and rose to 77.97 yen from 77.70 yen yesterday.



© Scoop Media

Business Headlines | Sci-Tech Headlines


'Visionary' Leaders: Primary Sector Council Announced

A group of visionary agribusiness leaders is set to help our primary sector capture more value from its work, Minister of Agriculture and Rural Communities Damien O’Connor says ... More>>


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>