News | Business
23 Apr 2018 9:59
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    NZD climbs above US72c on ECB minutes

    The kiwi dollar rose to a fresh three-month high after minutes to a European Central Bank policy review signalled an earlier end to its stimulus programme.

    12 January 2018

    The New Zealand dollar rose to a fresh three-month high after minutes to last month's European Central Bank policy review signalled an earlier end to its stimulus programme, weighing on the greenback.

    The kiwi rose to US72.48c as at 8am from US71.88c on Thursday.

    The trade-weighted index advanced to 75.17 from 74.78 on Thursday, rising to its highest level since mid-October.

    The euro climbed 0.8 per cent to US$1.2035 after minutes to the December ECB meeting showed European policymakers were considering how the region's "continued robust and increasingly self-sustaining economic expansion" could change its guidance for quantitative easing to continue until at least September.

    The change in tone from Europe's central bank follows a reduction in bond-buying from the Bank of Japan in what's becoming a broader shift away from the extraordinary stimulus injected into the global economy over the past decade.

    "A more hawkish tone to the ECB minutes gave the euro a boost as markets digest what 'gradual shift' might mean. At face value, it implies the ECB is inching towards the exit door," ANZ Bank New Zealand chief economist Sharon Zollner said.

    "The NZD/USD is on a tear. The break of key topside levels opens up the potential for further moves higher."

    The kiwi was little changed at 60.21 euro cents from 60.14 euro cents on Thursday, and ANZ's Zollner said the prospect of tighter monetary policy in Europe earlier than expected should cap the cross, which has support at 58.80 euro cents and faces resistance at 60.80 cents.

    New Zealand's currency was also boosted by higher commodity prices, with Brent Crude oil rising above US$70 a barrel for the first time since 2014.

    Local data on Friday includes November building permits, which isn't typically market-moving.

    The kiwi gained to 4.7080 Chinese yuan from 4.6838 yuan on Thursday after the Chinese government quashed speculation it was considering cutting its purchases of US Treasuries.

    The report triggered a sell-off in US Treasuries and the greenback.

    The kiwi rose to A91.83c from A91.37c on Thursday and gained to 53.54 British pence from 53.22 pence.

    It gained to 80.51 yen from 80.29 yen.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     23 Apr: NZ dollar falls near 72 US cents
     23 Apr: Energy minister heads to Taranaki
     22 Apr: Bank inquiry not needed in New Zealand
     22 Apr: Power outage for 1400 Auckland homes
     21 Apr: Air NZ plane bound for Japan turns back
     21 Apr: Air NZ loses two 787s to engine problem
     20 Apr: NZ shares fall as MSCI changes debated
     Top Stories

    RUGBY RUGBY
    NZ winger Woodward touted for England More...


    BUSINESS BUSINESS
    NZ dollar falls near 72 US cents More...



     Today's News

    Business:
    NZ dollar falls near 72 US cents 9:26

    Rugby:
    NZ winger Woodward touted for England 8:16

    Rugby League:
    Fifita 'scared' before win over Panthers 8:06

    Business:
    Energy minister heads to Taranaki 7:56

    Cricket:
    Williamson blasts 84 in losing IPL cause 7:46

    Golf:
    Amateur Mountcastle wins Carrus Open crown 7:36

    Law and Order:
    Police investigating Whanganui death 7:26

    Soccer:
    A-League semi-finals preview 7:16

    Rugby League:
    Eels forwards hit back at critics 7:06

    Soccer:
    Victory ready for another Big Blue 6:26


     News Search






    Power Search


    © 2018 New Zealand City Ltd