News | Business
26 Feb 2018 6:40
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

    Kiwi holds gains ahead of US funding bill

    The NZ dollar held onto some of its gains on Friday as traders await the progress of a bipartisan funding bill in the US to keep the federal government open.

    9 February 2018

    The New Zealand dollar held onto some of its gains on Friday.

    This comes after it weakened Thursday when the Reserve Bank kept rates on hold as traders await the progress of a bipartisan funding bill in the US to keep the federal government open.

    The kiwi traded at US72.12c as at 5pm in Wellington from 71.90c late Thursday to be down 1.2 per cent from 73.02c a week ago.

    The US funding bill had hit late hitches in the Senate and a result was expected within hours, said Mark Johnson, a senior dealer at OMF.

    "The US dollar is the absolute key to direction. The Fed is still in rate-hiking mode and the Reserve Bank isn't. At the moment the kiwi is holding up but the interest rate differential will argue in favour of the US."

    Acting RBNZ governor Grant Spencer underlined how New Zealand and the US are out of sync in monetary policy this week by reiterating that "monetary policy will remain accommodative for a considerable period".

    It was a message echoed by his Australian counterpart, with RBA governor Philip Lowe saying overnight it was too soon to contemplate raising Australian interest rates.

    "Neither is in a hurry," Mr Johnson said. The message is "they don't need to walk in lockstep with other central banks" which are in hiking mode.

    The kiwi rose to A92.69c from 91.99c.

    The kiwi traded at 51.75 British pence from 51.77 pence Thursday.

    Bank of England policymakers said monetary policy "would need to be tightened somewhat earlier and by a somewhat greater extent over the forecast period than anticipated at the time of the November report".

    The local currency increased to 4.5643 yuan from 4.5308 yuan and was little changed at 78.63 yen from 78.62 yen. It rose to 58.85 euro cents from 58.57c.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     26 Feb: Passenger rail disruption due in Auckland
     25 Feb: Stiassny heads public media advisory group
     25 Feb: Auckland train driver strike starts Monday
     24 Feb: NZ banking on ODI form against England
     23 Feb: CBL Insurance is in interim liquidation
     23 Feb: Northport upbeat on regional fund
     23 Feb: Santa complaint against Coca-Cola upheld
     Top Stories

    RUGBY RUGBY
    Quad injury sidelines Tahs lock Simmons More...


    BUSINESS BUSINESS
    Passenger rail disruption due in Auckland More...



     Today's News

    Business:
    Passenger rail disruption due in Auckland 6:25

    Cricket:
    Taylor ton and Santner knock see NZ home 22:45

    Health & Safety:
    Bad batch of Ecstasy makes people ill 21:55

    Law and Order:
    Russell McVeagh defends culture again 21:15

    Living & Travel:
    Missing hunter found on Stewart Island 19:45

    Golf:
    Steady Campbell wraps up NZPGA title 19:35

    Rugby League:
    Eels flex muscles in NRL trials 18:55

    Soccer:
    Muscat rejoices after Victory bounce back 18:05

    Rugby League:
    Eels, Roosters big winners of NRL trials 16:55

    Business:
    Stiassny heads public media advisory group 16:45


     News Search






    Power Search


    © 2018 New Zealand City Ltd