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

 

NZ dollar holds ground against weaker euro

NZ dollar holds ground against weaker euro as Germany's Merkel signals exit


By Paul McBeth

Oct. 30 (BusinessDesk) - The New Zealand dollar was largely unmoved against a weaker euro as Germany's long-serving Chancellor Angela Merkel said she won't seek another term in charge of Europe's biggest economy.

The kiwi rose as high as 57.56 euro cents and traded at 57.29 cents at 8am in Wellington from 57.31 cents yesterday. It was little changed at 65.27 US cents from 65.32 cents yesterday.

The euro fell about half a US cent and recently traded at US$1.1389 after Merkel said she will stand down as party leader of the Christian Democratic Union, and won't seek re-election at the 2021 election. The CDU is currently the senior partner in a coalition government, and Merkel is in her fourth term as Germany's leader, having steered the country through the global financial crisis and Europe's debt crisis. The regional bloc is currently negotiating the exit of the UK and facing increasing demands for greater autonomy from some of its member states.

"The euro slipped overnight after news that German Chancellor Merkel will not seek another term," ANZ Bank New Zealand economists Miles Workman and Liz Kendall said in a note. "Expect whippy price action to continue, with plenty in the political space to drive moves."

Local data today include September quarter property transfer statistics.

The US Dollar Index gained 0.3 percent while stocks on Wall Street extended their slide. Tech stocks including Amazon, Google-parent Alphabet, and Netflix posted sharp declines. Facebook will report quarterly earnings this week.

The kiwi traded at 50.97 British pence from 50.88 pence yesterday after UK chancellor Philip Hammond's budget lowered projected deficits and upgraded the growth outlook for the economy.

The local currency rose to 92.44 Australian cents from 92 cents yesterday and to 73.32 yen from 73.08 yen. It increased to 4.5431 Chinese yuan from 4.5411 yuan yesterday.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>

ALSO:

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

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:


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... 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: