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

 

NZ dollar treads water as investors await Fed speakers


By Paul McBeth

Nov. 27 (BusinessDesk) - The New Zealand dollar was largely unchanged as US markets reopened on a positive note as investors await speeches from Federal Reserve officials after cautious comments on the US rate outlook earlier this month.

The kiwi was at 67.84 US cents as at 8am, unchanged from afternoon trading yesterday. The trade-weighted index was at 74.17 from 74.10.

Stocks on Wall Street gained after US markets reopened from the Thanksgiving-shortened week with the Dow Jones Industrial Average up 1.2 percent in late trading. Speeches from Fed vice chair Richard Clarida and chair Jerome Powell will be closely watched this week after Clarida was more cautious about the growth outlook earlier this month. That stoked speculation the central bank may pause its rate hike cycle as soon as March. The yield on 10-year Treasuries rose one basis point to 3.07 percent.

A meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 leaders' summit at the end of the week is also keenly awaited in the hopes it may unwind some of the tension between the world's two biggest economies.

"Currency moves have been modest as we await a barrage of Fed-speak over the remainder of the week and the Trump-Xi meeting at the G20 on the weekend," Bank of New Zealand interest rate strategist Nick Smyth said in a note.

Weaker than expected retail sales data yesterday had a brief impact on the kiwi dollar, which Smyth said is close to where it ended last week.

Local data today include October merchandise trade figures. The Reserve Bank will release its financial stability report tomorrow and is expected to announce a loosening of its high loan-to-value ratio lending restrictions.

The kiwi traded at 59.87 euro cents from 59.82 cents yesterday after the Italian government was reported to be considering a lower budget deficit after it was rebuked by the European Commission for its original proposal. The kiwi traded at 52.91 British pence from 52.94 pence yesterday and rose to 77.02 yen from 76.80 yen.

The local currency increased to 93.86 Australian cents from 93.66 cents yesterday and decreased to 4.7086 Chinese yuan from 4.7119 yuan.

(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: