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

 

NZ dollar falls to week low vs. Australian dollar

NZ dollar falls to week low vs. Australian dollar on optimism about Chinese economy

By Tina Morrison

Aug. 12 (BusinessDesk) – The New Zealand dollar declined to a week low against its Australian counterpart on optimism about economic growth in China, Australia’s largest trading partner.

The kiwi slipped as low as 87.17 Australian cents this morning, and traded at 87.20 Australian cents at 8am in Wellington, from 87.68 cents on Friday. The local currency was little changed at 80.34 US cents from the New York close of 80.43 cents, and from 79.93 on Friday in Wellington.

The New Zealand dollar, which has appreciated 13 percent against the Australian dollar this year, gave up some of its gains after Chinese data on Friday gave investors confidence about that nation’s economy, which buoyed optimism about Australia’s prospects. The Reserve Bank of Australia’s lack of firm guidance on further rate cuts in its statement of monetary policy is also supporting the Aussie.

“The Australian dollar has done better over the weekend than we did, on good Chinese data, particularly the industrial production side, and the RBA monetary policy statement that was less than enthusiastic on more rate cuts,” said Peter Cavanaugh, client adviser at Bancorp Treasury Services. “The New Zealand dollar’s rise was stellar and inconsistent with any new data.”

Cavanaugh said the cross rate will likely trade at these levels until given direction by new data.

Tomorrow, Australian business confidence and the pre-election fiscal update will help shape currency markets, ANZ Bank New Zealand economist Sharon Zollner said in a note today.

In New Zealand today, the statistics department releases food prices for July at 10:45am.

The New Zealand dollar advanced to 77.27 yen at 8am in Wellington from 77.06 yen on Friday. The kiwi rose to 60.24 euro from 59.72 euro and gained to 51.84 British pence from 51.42 pence. The trade-weighted index jumped to 75.32 from 75.01 on Friday.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>