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21 Apr 2018 19:45
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  •   Home > News > Business

    Kiwi unchanged after Syria missile strike

    The NZ dollar was largely unchanged against the greenback with investors fairly sanguine about the US-led strikes on Syria and Russia's reaction

    16 April 2018

    The New Zealand dollar was largely unchanged against the greenback on Monday with investors fairly sanguine about the US-led strikes on Syria over the weekend after a muted reaction from Russia.

    The kiwi dollar traded at US73.54c as at 5pm in Wellington versus 73.53c at 8am and from 73.57c late Friday.

    The US, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack.

    There were concerns about how Russia might react and while Russian President Vladimir Putin warned that further Western attacks would bring chaos to world affairs, the reaction was viewed as muted.

    Mr Putin's reaction seemed more like "posturing," said Fat Prophets in a note. The spot gold price, which usually gains when investors seek safe-haven assets, edged up 0.1 per cent to US$1,345.70 an ounce.

    "I would have thought we might have seen a bit more risk off on the open today, but it hasn't been the case. We've been contained in very tight ranges," said Mark Johnson, a senior dealer at OMF.

    Domestically the market will be watching for this week's inflation data with economists expecting annual inflation of 1.1 per cent and the tepid data will add to the view the central bank will keep rates on hold for the foreseeable future.

    "I can't see any reason for any hawkish overtones from the central bank," he said.

    The kiwi dollar decreased to A94.61c from 94.72c in New York on Friday and traded at 78.86 yen from 78.97 yen. It slipped to 59.63 euro cents from 59.69c and traded at 51.58 British pence from 51.67 pence. It increased to 4.6207 yuan from 4.6166 yuan on Friday.


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