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

 

NZ dollar headed for 1% fall against greenback

NZ dollar headed for 1% fall against greenback as markets fret about trade

By Rebecca Howard

Nov. 23 (BusinessDesk) - The New Zealand dollar is headed for a 1 percent fall against the greenback this week as worries about global growth cast a pall over markets.

The kiwi traded at 68.06 at 5pm in Wellington versus 68.11 US cents at 8am and late yesterday. It was at 68.76 US cents last Friday in New York. The trade-weighted index was at 74.25 from 74.34 yesterday.

Markets have been increasingly concerned that the ongoing trade dispute between China and the US will have an impact on global growth, which has weighed on risk appetite. The focus is now firmly on the G20 meeting in Argentina next week as President Donald Trump and China's President Xi Jinping prepare to meet, said Tim Kelleher, head of institutional foreign exchange sales at ASB Bank.

Kelleher said that while markets are jittery, sentiment has improved slightly after Trump on Thursday said he hoped he can make a deal when he meets Xi. That is helping keep the kiwi supported and if it holds about 67.50 US cents, it could grind higher, he said.

He also noted that while the US Federal Reserve is widely expected to hike rates in December, investors are now pulling back on expectations for next year as they fret about a possible US slowdown. That is also New Zealand dollar positive, he said.

A draft deal between Britain and the European Union on future relations has also helped sentiment although there are still hurdles to get through, including the deeply divided British parliament. The pound, however, gained on the news and the kiwi traded at 52.84 British pence from 53.28 pence yesterday.

The kiwi increased to 4.7230 Chinese yuan from 4.7182 yuan yesterday and was at 76.85 yen from 76.93 yen. It traded at 93.81 Australian cents from 93.92 cents yesterday and was at 59.62 euro cents from 59.76 cents.

New Zealand's two-year swap rate fell 1 basis point to 2.12 percent; the 10-year swaps were down 1 basis point at 2.97 percent.

(BusinessDesk)

© 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: