Kiwi above 76 US cts as Greek pro-bailout party leads polls 28 May 2012
- Seeka offers kiwifruit growers share incentive for supply Business
- Labour-Greens closing on National in latest Roy Morgan poll Business
- Kordia turns to a loss in 2014 Business
- NZ building work activity edges up in June quarter Business
- Auckland house sales drop in August Business
- Rural Equities doubles annual profit Business
- NZX trading volumes rise in August, as equity offsets debt Business
- Kirkcaldie sees narrower loss on retail, may need impairment Business
- NZ dollar slips below 83 US cents on fall in dairy prices Business
- Dairy product prices decline to lowest since July 2012 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 Sep 2014 News
New Zealand Government Hekia Parata 2 SEPTEMBER, 2014 Maori Battalion’s legacy to be preserved The history of the legendary... more
2 Sep 2014 News
New Zealand Government Amy Adams 2 SEPTEMBER, 2014 Govt funding for Northland, Auckland, Waikato freshwater project Environment ... more
2 Sep 2014 Business News
Article - BusinessDesk SFO charges MightyRiverPower engineer with $2 mln fraud By Paul McBeth Sept. 2 (BusinessDesk) - The ... more
1 Sep 2014 Business News
Article - BusinessDesk NZ terms of trade sets new 40-year high as cheaper imports offset falling exports Sept. 1... more
2 Sep 2014 Lifestyle
The Patriarch PRESS RELEASE: Crowdfunding sought for Lee Tamahori to return home and make second New Zealand film 2 SEPTEMBER... more
14 Aug 2014 Property
New Zealand house sales fell in July as winter cooled the appetite of house hunters while a drop in properties selling for $400,000... more
7 Aug 2014 Property
Aug. 7 (BusinessDesk) - New Zealand property values rose at the slowest annual pace in 13 months in July as rising interest rates,... more
20 Aug 2014 Migration
Statistics NZ puts out detailed data on different ethnic groups, down to the 108 people from the Isle of Man. Did you know there are... more
28 Aug 2014 Travel & Tourism
Aug. 28 (BusinessDesk) - Jetstar, the discount unit of Australian airline Qantas Airways, lost ground in New Zealand, while claiming... more
2 Sep 2014 Sport
Equestrian Sports New Zealand Vaulting and Showjumping take Centre Stage at WEG New Zealand representatives in vaulting and... more
2 Sep 2014 Netball
The Haier Pulse will once again face the reigning champions in the first round of the ANZ Championship, with a trip to Melbourne to... more
2 Sep 2014 Opinion
Opinion - Martin Doyle Martin Doyle cartoon: Wrong arm of the law more
1 Sep 2014 Opinion
Gordon Campbell on John Key’s ‘blame it on Judith’ strategy Right now, Prime Minister John Key seems intent... more
20 Aug 2014 People
We're expecting big things from Harman Grubisa, the new label from Auckland-based friends Madeleine Harman (right) and Jessica... more
22 Aug 2014 Recruitment
The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale... more