News | Business
24 Mar 2018 21:23
NZCity News
NZCity CalculatorReturn to NZCity

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

  •   Home > News > Business

    NZ dollar benefits from domestic data

    The New Zealand dollar extended its gain against the yen on Monday, benefiting after the Bank of Japan left its ultra-loose monetary policy unchanged last week.

    The New Zealand dollar extended its gain against the yen on Monday, benefiting after the Bank of Japan left its ultra-loose monetary policy unchanged last week.

    Domestic data also painted an upbeat outlook ahead of this week's local interest rate review.

    The kiwi rose to 80.76 yen as at 5pm from 80.34 yen late Friday. It was trading at US72.78c from 72.48c Friday and at A95.50c versus A95.06c.

    Economists expect New Zealand's Reserve Bank to keep rates on hold at 1.75 per cent.

    In contrast, the Bank of Japan maintained its quantitative easing programme and extraordinarily low interest rate policy, at a time when other major central banks are moving to lift rates.

    Tim Kelleher, head of institutional foreign exchange sales at ASB Bank, said it was unusual to see the kiwi so bid against the yen ahead of the central bank's rate decision on Thursday.

    Mr Kelleher said the kiwi's strength on the yen cross "could be M&A or balance sheet related" with demand largely coming from offshore, and was broadly stronger against most currencies.

    "It's been orderly. It's not gapping higher but it's not backing off," he said, adding it could have further to run as "it has lots of momentum into Europe".

    Sue Trinh, senior currency strategist at RBC Capital Markets in Hong Kong, said domestic data had played a role in the kiwi's popularity on the day. "We had some peripheral domestic data out, the Westpac Q2 consumer confidence and the PSI, both of which were positive.''

    New Zealand's services sector, which accounts for about two-thirds of the economy, bounced back in May after a number of external factors, such as the weather, corrected themselves while consumer confidence gained in the June quarter and reached its highest level since early 2015.

    The kiwi rose to 56.96 British pence from 56.44 pence and traded at 65.01 euro cents from 64.73 cents. The kiwi rose to 4.9570 yuan from 4.9357 yuan.


    © 2018 NZN, NZCity

     Other Business News
     24 Mar: Lance O'Sullivan calls for pokies ban
     23 Mar: Armed bank robbery in Whangarei
     23 Mar: Tait wins London bus radio contract
     23 Mar: Auckland sees surge in Chinese tourists
     23 Mar: Robotics Plus gets Yamaha backing
     23 Mar: Kiwi down on yen and greenback
     22 Mar: NZ dollar gains against Australian dollar
     Top Stories

    Isaako channels Dan Carter in record night More...

    Lance O'Sullivan calls for pokies ban More...

     Today's News

    Kevin Smith has lost 20lbs since his near-fatal heart attack 21:15

    Hamilton claims Aussie GP pole position 21:15

    Sexual assault allegations against Ed Westwick are being reviewed by authorities 20:45

    United prepared for NBL 'war' in Adelaide 20:25

    Emily Blunt thought she would "die" when she had to fly as Mary Poppins 20:15

    Ellie Goulding will attend Prince Harry's wedding to Meghan Markle 19:45

    Silver Ferns still chasing netball gold 19:45

    Owen Wilson allegedly caused an entire hotel to be evacuated 19:15

    Major titles decided at Maadi Cup regatta 18:55

    Queen Latifah's mother has died 18:45

     News Search

    Power Search

    © 2018 New Zealand City Ltd