News | Business
27 May 2017 12:28
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Olympic Games
  • Finance
  • 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

    NZ dollar hits high after Trump conference

    The New Zealand dollar has reached a month high after US President-elect Donald Trump's first official press conference.


    The New Zealand dollar hit a month-high as investors were disappointed US president-elect Donald Trump didn't provide much detail on his spending programme in his first press conference, prompting a sell-off in the greenback.

    The kiwi rose as high as US70.87 cents, trading at US70.60c as at 8am in Wellington from 69.97 cents yesterday. The trade-weighted index advanced to 77.88 from 77.45.

    The US dollar index, a measure of the greenback against a basket of currencies, fell 0.5 per cent after Trump's hour-long press conference focused on reports of Russian interference in last year's US presidential election and an intelligence report that Russia holds compromising information about the president-elect.

    Investors were hoping for more details about Trump's planned spending on infrastructure and tax reform, which took a back seat in the briefing.

    "The USD index was trading a fairly steady path higher overnight, before a bout of volatility as the US president-elect gave a scheduled press conference early this morning," Bank of New Zealand senior market strategist Kymberly Martin said in a note.

    "He covered many topics, but gave little detail on any fiscal stimulus plans. After his free-ranging comments the USD has fallen."

    The kiwi rose to 57.70 British pence from 57.46 pence yesterday after Bank of England governor Mark Carney told policymakers the UK's exit from the European Union was no longer the biggest domestic threat to financial stability, and that the cost of not setting up a transitional deal would be higher for the continent than for the UK.

    The local currency increased to 66.58 euro cents from 66.30 cents yesterday.

    The kiwi edged up to 81.25 yen from 81.12 yen yesterday and climbed to 4.8944 Chinese yuan from 4.8432 yuan. It was little changed at 94.74 Australian cents from 94.77 cents.


    NZN




    © 2017 NZN, NZCity


     Other Business News
     27 May: Levies make insurance too costly for some
     26 May: Kiwi falls with Aussie on China downgrade
     26 May: Zespri grower returns sag but volumes up
     26 May: AWF Madison recovers from earnings dip
     26 May: NZ rocket launch earns praise
     25 May: Chorus increases bank facility
     25 May: Gentrack lifts first-half profit 46pc
     Top Stories

    RUGBY RUGBY
    Lions formula can beat All Blacks: Cole More...


    BUSINESS BUSINESS
    Levies make insurance too costly for some More...



     Today's News

    Entertainment:
    Rag 'n' Bone Man is expecting his first child with long-term girlfriend Beth Rouy 12:07

    Law and Order:
    Police hunt armed man in South Island 11:57

    Entertainment:
    Sir Sean Connery will always remember his friendship with Sir Roger Moore as "filled with jokes and laughter" 11:37

    Entertainment:
    Harry Styles' Hollywood Hills home is up for sale 11:07

    Business:
    Levies make insurance too costly for some 11:07

    International:
    Putting China's potent national drink, the fiery Baijiu, back on the drinks list 10:57

    Rugby League:
    Heremaia re-signs with Widnes 10:47

    Entertainment:
    Amanda Seyfried loves being a mother 10:37

    Environment:
    Rain warning for Bay of Plenty 10:27

    Entertainment:
    Hailey Baldwin thinks it is "definitely easier" dating someone in the spotlight 10:07


     News Search






    Power Search


    © 2017 New Zealand City Ltd