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

 

NZ dollar starts week on backfoot as oil prices slump


By Paul McBeth

Nov. 26 (BusinessDesk) - The New Zealand dollar kicked off the week on the backfoot as a slump in oil prices on Friday weighed on commodity-sensitive currencies.

The kiwi traded at 67.73 US cents as at 8am in Wellington from 67.79 cents on Friday in New York, and down from 68.06 cents in Asia last week. The trade-weighted index was almost unchanged at 74.09 from 74.10 last week.

Commodity-linked currencies including the New Zealand, Australian and Canadian dollars all fell on Friday as oil prices extended their decline, with Brent Crude down 6.1 percent at US$58.80 a barrel. Brent has slumped 32 percent from a peak on Oct. 3 amid growing fears of a global oversupply. Trading on financial markets was relatively quiet in the shortened Thanksgiving Day holiday week.

Traders face a busy week with third-quarter retail sales data today, the Reserve Bank's financial stability report on Wednesday, several Federal Reserve officials speaking, the release of minutes to the last Federal Open Market Committee policy meeting, and the G20 leaders' meeting where US President Donald Trump will meet his Chinese counterpart Xi Jinping.

"The kiwi finished the week below 68 cents in holiday-thinned trading," ANZ Bank New Zealand economists Sharon Zollner and Philip Borkin said in a note. "With little in the way of global data this week, markets will be focused on policy and politics, with key Fed speeches, FOMC minutes, and the G20 meeting. All up, we think markets will remain jittery."

The kiwi traded at 52.73 British pence from 52.74 pence last week and was at 59.68 euro cents from 59.74 cents after European leaders signed off on Britain's exit from the regional bloc. Brexit now needs to be ratified by the UK Parliament, which is seen as a higher hurdle to overcome.

The local currency traded at 76.43 yen from 76.53 yen last week and edged down to 93.52 Australian cents from 93.66 cents. It traded at 4.7029 Chinese yuan from 4.7078 yuan last week.

(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: