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

 

NZ dollar little changed as patchy US data keeps QE3 alive

NZ dollar little changed as patchy US data keeps QE3 on the table

By Paul McBeth

Aug. 16 (BusinessDesk) - The New Zealand dollar was little changed as ‘patchy’ US data keeps markets prepped for the Federal Reserve to print more money, helping boost equities across the Asia Pacific.

The kiwi traded at 80.59 US cents at 5pm in Wellington from 80.68 cents at 8.30am and 80.51 cents yesterday. The trade-weighted index rose to 72.81 from 72.56 yesterday.

Stocks across Asia followed Wall Street higher after weak US manufacturing and zero inflation last month kept traders betting the Fed will unveil its third round of quantitative easing at the central bankers' summit at Jackson Hole, Wyoming on Aug. 31. Japan's Nikkei 225 index rose 1.6 percent in afternoon trading, while Australia's S&P/ASX 200 index was up 0.9 percent and Hong Kong's Hang Seng rose 0.3 percent.

"US data is pretty patchy - sometime it's good sometimes it's bad," said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland. "The kiwi tried to rally today, but it's looking heavy."

Kelleher maintained his downward bias on New Zealand's currency, saying it's trading at the bottom of its range between 81.25 US cents and 81 cents.

Investors weren't swayed by a 7.8 percent gain in the trade-weighted price of dairy products sold on Fonterra Cooperative Group's online trading platform, GlobalDairyTrade. Dairy prices are bouncing back from a three-year slump after a stellar local season and as droughts in the US, Europe and India keep a lid on supply.

New Zealand manufacturing activity shrank last month, according to the BNZ-BusinessNZ performance of manufacturing index, its first contraction for a quarter.

The kiwi gained to 63.91 yen from 63.40 yen yesterday, and was little changed at 76.86 Australian cents from 76.82 cents. It advanced to 65.85 euro cents from 65.29 cents yesterday, and edged up to 51.43 pence from 51.37 pence.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: