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

 

NZ dollar stagnates amid US and British holidays

NZ dollar stagnates amid US and British holidays

By Jenny Ruth

May 28 (BusinessDesk) - The New Zealand dollar was little changed with the major United States and British markets closed for holidays and after US President Donald Trump made positive noises about reaching a trade agreement with Japan.

The kiwi was trading at 65.51 US cents at 5pm in Wellington from 65.41 at 7.55am and the trade-weighted index edged up to 72.07 points from 72.07.

“The New Zealand dollar has been stuck in the doldrums,” says Peter Cavanaugh, the senior client advisor at Bancorp Treasury Services.

“The only things the market has to fret about are Brexit and the European elections, neither of which have much impact in New Zealand."

Trump ended his four-day state visit to Japan today but held a joint press conference with Japan’s Prime Minister Shinzo Abe at which Trump said he wants to remove trade barriers to give US exports a fair footing in Japan and expressed hope that will happen.

The more contentious issue is the US trade war with China but there have been no new developments on that front.

The US markets were closed on Monday for the Memorial Day holiday while British markets were also closed for its Spring Bank Holiday.

The New Zealand dollar was unchanged at 94.56 Australian cents, at 51.69 British pence from 51.47, at 58.57 euro cents from 58.47, at 71.75 yen from 71.62 and at 4.5237 Chinese yuan from 4.5101.

The New Zealand two-year swap rate fell to 1.4771 percent from 1.4830 on Friday while the 10-year swap rate eased to 1.9700 percent from 1.9750.

(BusinessDesk)



© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reference Group Proposal: Motorists, MTI Support Ban On Less Safe Car Imports

A proposal to ban some used car models from being imported into New Zealand is being welcomed by the Motor Industry Association, which says Japan's scraps are being sent here for waste disposal. More>>

ALSO:

Expenses Investigation: ANZ Boss Departs Under Cloud

Last month the bank said chief executive David Hisco was taking extended leave for health reasons. However, today it has said in addition to the health issues, the board was concerned about certain transactions after reviewing Mr Hisco's personal expenses. More>>

ALSO:

Wider Net Ban, Other Threats: Plan To Expand Protection For Maui And Hector’s Dolphins

The Government is taking action to expand and strengthen the protection for Māui and Hector’s dolphins with an updated plan to deal with threats to these native marine mammals. More>>

ALSO:

Fish & Game Support: Canterbury Officer Of Health Warns On Nitrates In Water

"Nitrate testing of 114 drinking water samples from across the Canterbury plains showed that more than half of them were above the level considered safe in the world's largest ever study on the impacts of nitrates in drinking water." More>>

ALSO: