NZ dollar gains vs. euro on shrinking German economy, Fitch 12 Jan 2012
- NZD falls - Yellen may dent kiwi-yield story Business
- Seabed ironsands miner TransTasman tries again Business
- Mobile health startup Vigil changes name Business
- Metro Glass sees 'marked improvement' in 2017 Business
- Qantas Airways resumes dividends after 7 years Business
- Ngatata Love laments misplaced trust in Shaan Stevens Business
- NZ trade deficit narrows in July from year earlier Business
- NZOG resumes dividend after costs clamp-down Business
- Vector posts 4.7% gain in adjusted full-year earnings Business
- Wynyard halves 2016 guidance 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.
16 Aug 2016 News
New Zealand Government Hon Todd McClayMinister of Trade 16 August 2016 Media Statement NZ exporters to UK asked about Brexit... more
15 Aug 2016 News
New Zealand Government Hon Dr Nick Smith Minister for the Environment 15 August 2016 Auckland Council’s passing of... more
11 Aug 2016 Business News
Article - BusinessDesk ANZ, Westpac limit mortgage rate cuts, but Kiwibank goes all in By Edwin Mitson Aug. 11 (BusinessDesk) - Two... more
11 Aug 2016 Business News
Article - BusinessDesk Thursday 11 August 2016 10:06 AM RBNZ's Wheeler juggles strong kiwi, tepid inflation expectations in future... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more
3 Aug 2016 Property
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more
2 Aug 2016 Property
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
10 Aug 2016 Travel & Tourism
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more
16 Aug 2016 Rugby
The All Blacks squad to travel to Sydney for the opening Bledisloe Cup match of the Investec Rugby Championship is listed below.Prop... more
16 Aug 2016 Sailing
Tuesday 16 August 2016Tuke and Burling go further aheadOnly the 49ers got out on the Olympic sailing course today. Initially there was... more
11 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more
3 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Bain compensation case First published on Werewolf more
12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more
10 Aug 2016 Appointments
Rugby League World Cup Wednesday 10 August 2016 Respected and experienced Rugby League administrator, Andrew Hill, has been appointed... more
3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more
3 Aug 2016 State of the Market Report
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more