Kiwi above 76 US cts as Greek pro-bailout party leads polls 28 May 2012
- MARKET CLOSE: NZ shares fall on Greek worries; A2, Xero drop Business
- NZ dollar heads for 1.8% weekly drop; Greek referendum looms Business
- UPDATE: Beingmate slides further in Shenzhen tumble Business
- BAT NZ sucks up excise tax hike as annual earnings slip 3.9% Business
- Murray Radford resigns as chairman of Mowbray Business
- RESEND: Alliance shareholders confident of forcing meeting Business
- Alliance shareholders confident of forcing meeting on merger Business
- Beingmate joins Shenzhen selloff Business
- Pumpkin Patch sees drop in 2016 earnings; shares tumble Business
- Auckland house sales reach 11-year high for June month Business
Kiwi above 76 US cts as Greek pro-bailout party leads polls
By Paul McBeth
May 28 (BusinessDesk) - The New Zealand dollar rose above 76 US cents in local trading for the first time in a week after early Greek opinion polls showed the pro-bailout New Democracy party had the most support ahead of next month's general election.
Financial markets are likely to judge this as allaying fears about a potential exit from the euro-zone.
The kiwi climbed to 76.08 US cents at 5pm from 75.72 cents at 8am and 75.29 cents at the close of trading in New York on Friday. The trade weighted index gained to 69.29 from 68.89 last week.
Greece's New Democracy, which supports the rescue plan negotiated with global leaders, placed first in all six opinion polls published on May 26 in the lead-up to the June 17 election. The Mediterranean nation's legislators threw the region into disarray when they failed to form a viable government at last month's election, raising fears it may have to leave the euro-zone and ditch the single currency.
"It's a long way to go to 17 June and the polls are going to swing," said Imre Speizer, market strategist at Westpac Banking. The kiwi's gain is "certainly alleviating that oversold condition, and we might see it bounce up to the 77, 78 US cents area this week."
With US markets closed for the Memorial Day holiday, Monday, investors will be watching headlines in Europe, with speculation Spain may seek European Central Bank support to bail out the nationalised lender, Bankia SA. The country's fourth-biggest bank needs 19 billion euros of state funding. The yield on Spain's benchmark 10-year bond rose 3 basis points to 6.35 percent.
Three of five strategists surveyed by BusinessDesk expect the kiwi will gain this week as Europe's sovereign debt woes calm down for the time being.
US employment figures and Chinese manufacturing data will be the focus for traders when they're published on Friday.
The New Zealand dollar rose to 60.49 euro cents from 60.14 cents at the close of trading in New York on Friday and increased to 48.50 British pence from 48.07 pence. The kiwi climbed to 77.25 Australian cents from 77.15 cents last week and gained to 60.97 yen from 59.97 yen.
2 Jul 2015 Canterbury Earthquake
The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes... more
2 Jul 2015 News
Government Welcomes Successful WTO Trade Policy Review Trade Minister Tim Groser today welcomed the conclusions of the 5th World... more
2 Jul 2015 Business News
TPP too big to fail, says visiting US trade deal specialist Petri July 2 (BusinessDesk) - Too much political capital has been... more
24 Jun 2015 Business News
Article - BusinessDesk MARKET CLOSE: NZ shares gain, led by A2 as potential bidder unmasked; dividends appeal By Jonathan ... more
24 Jun 2015 Lifestyle
The Remarkables June 24 2015 The Remarkables ski area to kick off 2015 season this Saturday The Remarkables ski area in Queenstown... more
23 Jun 2015 Lifestyle
SOUNZ For immediate release SMCO-SOUNZ Composer Workshop selected works announced SOUNZ and Auckland based St Matthews Chamber... more
24 Jun 2015 Property
New Zealand Government Hon Anne Tolley Minister for Social Development 24 June 2015 Extending Canterbury accommodation... more
22 Jun 2015 Migration
NZ migration rises to new annual record in May, closing in on Treasury's upside scenario June 22 (BusinessDesk) - New Zealand... more
24 Jun 2015 Travel & Tourism
Article - BusinessDesk Air NZ sees annual earnings rising by as much as 60% By Paul McBeth June 24 (BusinessDesk) - Air New... more
19 Jun 2015 Travel & Tourism
Analysts divided on impact on Air NZ's earnings of Jetstar's regional routes challenge June 19 (BusinessDesk) - Analysts are... more
2 Jul 2015 Sport
Kiwi Artem Sitak braves soaring temperatures and a lengthy battle to make it into the second round of doubles at Wimbledon.Kiwi Davis... more
2 Jul 2015 Opinion
Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good... more
24 Jun 2015 Column
Column - Gordon Campbell Gordon Campbell on telling the poor to ask for more The government’s
2 Jul 2015 Appointments
New Zealand Government Hon Dr Nick Smith Minister for the Environment New EPA board appointments Environment Minister Dr Nick Smith ... more
2 Jul 2015 Appointments
New Chair and Commissioners appointed to the Maori Language Commission The Maori Development Minister is pleased to announce that... more
23 Jun 2015 Recruitment
Apprentice of the Year Competition Carpentry apprentices go head to head in national competition Entries for the Registered Master ... more
26 May 2015 Press Releases
NZ employees rate work-life balance as top priority, while job seekers eye cash, survey shows May 26 (BusinessDesk) - New... more