NZ dollar gains vs. euro on shrinking German economy, Fitch 12 Jan 2012
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
- NZ economy expands at fastest pace in two years Business
- New Zealand food prices fall in February Business
The New Zealand dollar was the biggest gainer among the world’s 10 most-traded currencies and set a new high against the euro as the Germany economy shrank and Fitch Ratings urged the European Central Bank to do more to tackle the region’s debt woes.
The New Zealand dollar recently traded at 62.60 euro cents and earlier reached 62.67 cents, the highest since the common currency was released in 2002, up from 62.24 cents at 5pm yesterday. The kiwi rose to 79.57 US cents from 79.31 cents.
The Germany economy shrank 0.25 percent in the fourth quarter from the third, after growing 3 percent last year, according to the Federal Statistics Office in Wiesbaden. The European Union also lowered euro-area growth to 0.1 percent in the third quarter, from a 0.2 percent estimated earlier, stoking investor concerns the crisis will worsen.
“The New Zealand dollar remains relatively attractive,” said Alex Sinton, senior deal at ANZ New Zealand. “You can’t bank on the exchange rate moving a certain way – but around this time of year we do tend to have a kick up in the kiwi.”
Fitch urged the European Central Bank to boost bond purchases to combat the debt crisis to help prevent the collapse of the shared currency. The ECB is expected to keep its key interest rate at 1 percent at a policy meeting tomorrow, according to the median estimate of 53 economists’ survey by Bloomberg.
A Reuters poll of economists forecast the worst is yet to come in the euro zone's debt crisis, though they expect the currency union to survive 2012 intact. Nine out of the poll's 64 economists said the bloc had turned the corner on a sovereign debt crisis, only 10 said the euro zone would not survive the year in its current form. The rest were reasonably confident it would.
A string of upbeat US data underpinned the US dollar’s strength, the Federal Reserve’s so-called Beige Book, a report on regional economic conditions, improved across all regions in the final six weeks of 2011, boosted by strong holiday sales and employment figures, housing remains stagnant.
In New Zealand, the ANZ Commodity Price Index is set for release at 1pm, providing an update of prices for the nation’s exports of raw materials.
The kiwi was up 77.20 Australian cents from 77.09 cents yesterday, it traded at 51.91 British pence from 51.30 pence and 61.14 yen from 60.90 yen.
The trade-weighted index rose to 71.34 from 71.04.
1 Mar 2017 News
28 Feb 2017 Customs Minister Nicky Wagner is today congratulating Customs on a record number of drug seizures in 2016. “Customs... more
1 Mar 2017 Business News
28 Feb 2017 State Services Minister Paula Bennett has welcomed an agreement with unions which will see the Government’s new pay... more
21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES
14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more
11 Nov 2016 Property
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more
8 Feb 2017 Migration
7 Feb 2017 Immigration Minister Michael Woodhouse welcomes a report showing the vast majority of employers who take on seasonal... more
6 Feb 2017 NZ Tourism
8 Feb 2017 Does New Zealand celebrate halloween? Is Auckland a dangerous town- these are some of the subjects visitors Google... more
1 Mar 2017 Netball
VALE: Tania Dalton 1971-2017 March 1, 2017 The Netball community is deeply saddened to hear of the passing of Silver Fern... more
11 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more
10 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the US election outcome more
8 Feb 2017 Appointments
7 Feb 2017 Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of... more
1 Feb 2017 Appointments
30 January 2017 Health Minister Jonathan Coleman has today appointed temporary Chairs to the boards of Canterbury and South... more
1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more