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

 

NZ dollar little changed as central bank views

NZ dollar little changed as central bank views, euro developments awaited

By Jonathan Underhill

Aug. 21 (BusinessDesk) - The New Zealand dollar was little changed after what traders called “summer doldrums” in Northern Hemisphere markets ahead of central bank reports downunder today and the minutes of the Federal Reserve’s last policy meeting on Wednesday in the US.

The kiwi traded at 80.86 US cents from 80.92 cents at 5pm in Wellington yesterday. The trade-weighted index was at 72.98 from 73.04.

The Reserve Bank of New Zealand releases its survey of expectations today, which will show how much inflation pressures are perceived in the local economy, while Australia’s central bank releases the minutes of its latest meeting. On Wednesday in Washington, the Federal Open Market Committee meeting minutes are released.

“I don’t think anything great will come out of the RBA or RBNZ, unless the RBA talks down the Australian dollar,” said Tim Kelleher, head of institutional FX sales at ASB Institutional. If the Fed tomorrow “maintains the path of no more QE3, we could see a selloff in equities.”

Kelleher said the New Zealand dollar may trade in a range of 80.60 US cents to 81 cents today.

The kiwi dollar traded at 77.38 Australian cents, little changed from 77.37 cents yesterday. It fell to 65.49 euro cents from 65.63 cents after Germany’s Bundesbank criticised the European Central Bank’s plan for government-bond purchases, showing the region is divided on how to move forward on tackling its debt crisis.

The New Zealand dollar fell to 64.18 Japanese yen from 64.30 yen and traded at 51.47 British pence from 51.55 pence.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Auckland Airport: North American Touch Downs Make AA Most Connected In Australasia
The return of American Airlines, the world’s largest airline, announced today has cemented Auckland Airport’s title as the Australasian airport with the most non-stop connections to the United States and Canada... More>>



Reserve Bank: Monetary Conditions Tighten By More And Sooner

The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability... More>>


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>>



Kiwibank: Savers To Benefit From Higher Returns Following OCR Rise

Following market movements Kiwibank is pleased to increase the interest rate and rates of return on its savings accounts... More>>

Fonterra: Provides 2022/23 Opening Forecast Farmgate Milk Price & Business Performance Update
Fonterra today announced its 2022/23 opening forecast Farmgate Milk Price and provided an update on its third-quarter performance... 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>>