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


Weaker currency pushes wool prices up

Weaker currency pushes wool prices up

New Zealand Wool Services International Ltd reports prices at today’s auction of approximately 10,000 bales of North Island wool, in Napier, saw prices rise between two and four per cent, capturing around half the value of the weaker New Zealand dollar.

Against a weighted currency indicator, taking into account the percentage of wool exported in the main trading currencies of United States dollars, Australian dollars, sterling and Euro, the New Zealand dollar has dropped 8.2 per cent since the previous sale on 2 October.

During that time, the New Zealand dollar has lost between eight and ten per cent against the United States, British and European currencies, while strengthening 7.5 per cent against the Australian dollar.

According to New Zealand Wool Services International, the failure of wool to fully capitalise on the weaker New Zealand dollar reflects ongoing worldwide fiscal woes, which are causing general business unease and stagnation.

At today’s sale in Napier, fine crossbred and hogget wools appreciated between four and six per cent, with the early shorn types gaining the most due to limited recent Chinese inquiry.

Good style coarse carpet fleece and shears strengthened two to three per cent, but poorer styles were neglected, their values dropping two to three per cent.

Oddments also struggled to find buyers, with most types unable to maintain last week’s level.

Next week’s sale of South Island wool is on 16 October, in Christchurch, offering a total of 12,700 bales.

New Zealand Wool Services International publishes a detailed weekly report on New Zealand wool auction trends. A summary of this can be viewed at The full report is available by negotiation with the company.


Note to editor:
The full and detailed version of the New Zealand Wool Services International New Zealand Wool Report is taken by various national and international corporations, exchanges and agencies, including NZX, Reuters, the UK Wool Report, Meat and Wool New Zealand, Australian Wool Exchange and various others including bank economists and analysts.

© Scoop Media

Business Headlines | Sci-Tech Headlines


The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>

NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>

Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>

Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>

Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>