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18 Oct 2017 22:20
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  •   Home > News > Business

    Kiwi's 3pc weekly fall vs greenback

    The NZ dollar is heading toward a 3 per cent weekly fall against the greenback as rising geopolitical tensions continued to crimp risk appetite.


    The New Zealand dollar is heading toward a three per cent weekly fall against the greenback as rising geopolitical tensions continued to crimp risk appetite and weak domestic data continues to weigh.

    The kiwi traded at US72.73c as at 5pm from US72.80c as at 8:30am in Wellington from 73.09c Thursday. It was at 74.98c in New York last Friday.

    The kiwi was trading at 79.23 yen from 80.44 yen, as the safe-haven yen continued to attract interest as US President Donald Trump stepped up his rhetoric against North Korea.

    US Defense Secretary James Mattis told reporters a diplomatic approach to the North Korean threat was still preferred and a war would be "catastrophic." However, when asked if the US was ready if North Korea took a hostile act, he said: "We are ready."

    Ross Weston, a senior trader at Kiwibank, said weak food price data and news that manufacturing activity continued to expand in July but dipped slightly compared with June added to the kiwi's weakness.

    This came after the Reserve Bank continued to signal rates would be on hold until September 2019.

    On Thursday, the central bank kept rates at 1.75 per cent.

    Looking ahead, Mr Weston said markets are waiting for US consumer price inflation data later in the global trading day, expected to have picked up to 0.2 per cent from zero the previous month.

    However, "any data is really a side show" to the geopolitical tensions. "That is the main focus," he said.

    The kiwi dropped to 4.8490 yuan from 4.8758 yuan, declined to 61.75 euro cents from 62.28 cents and decreased to 55.98 British pence from 56.26 pence. The kiwi was at A92.64c from 92.77c.


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